WEBVTT NOTE This file was generated by Descript 00:00:14.197 --> 00:00:15.048 Ladies and gentlemen, 00:00:15.048 --> 00:00:16.088 welcome to Money 00:00:16.088 --> 00:00:16.788 and Markets. 00:00:16.868 --> 00:00:17.688 We're back. 00:00:18.308 --> 00:00:20.628 We had an extra 00:00:20.628 --> 00:00:21.208 week to think 00:00:21.218 --> 00:00:21.828 about things. 00:00:21.828 --> 00:00:23.018 John, I hope you 00:00:23.018 --> 00:00:23.968 enjoyed yourself. 00:00:24.217 --> 00:00:25.048 I survived. 00:00:26.868 --> 00:00:27.908 So what's our 00:00:27.908 --> 00:00:28.967 theme this week? 00:00:29.778 --> 00:00:30.357 It's a good one. 00:00:30.367 --> 00:00:31.297 It's Navigating 00:00:31.297 --> 00:00:32.497 Planet Tollbooth. 00:00:33.687 --> 00:00:34.148 It's a good 00:00:34.148 --> 00:00:34.677 week of stories. 00:00:34.678 --> 00:00:35.458 There were so many 00:00:35.458 --> 00:00:36.147 stories we could've 00:00:36.168 --> 00:00:36.858 used this week. 00:00:36.858 --> 00:00:37.947 The the stories 00:00:37.947 --> 00:00:38.847 in the scotch pile 00:00:38.857 --> 00:00:40.087 were actually good 00:00:40.088 --> 00:00:41.667 enough and numerous 00:00:41.668 --> 00:00:43.297 enough to do a 00:00:43.308 --> 00:00:44.207 whole second show. 00:00:44.207 --> 00:00:44.817 I'm not kidding. 00:00:45.697 --> 00:00:46.767 So there's it- 00:00:46.768 --> 00:00:47.607 it's very intense 00:00:47.617 --> 00:00:49.137 what's going on, but 00:00:49.178 --> 00:00:50.398 I… The… For me, 00:00:50.398 --> 00:00:51.488 the theme relates 00:00:51.498 --> 00:00:52.298 to the fact that 00:00:52.658 --> 00:00:53.977 you literally see 00:00:53.998 --> 00:00:54.907 various parties, 00:00:54.948 --> 00:00:55.518 particularly the 00:00:55.527 --> 00:00:56.358 U.S., putting toll 00:00:56.358 --> 00:00:57.397 booths up everywhere. 00:00:57.457 --> 00:00:57.717 Yeah 00:00:57.748 --> 00:00:58.908 And trying to extract 00:00:58.908 --> 00:00:59.757 a toll, whether it's 00:00:59.757 --> 00:01:01.377 tariffs or trade 00:01:01.397 --> 00:01:03.478 bottlenecks or wars. 00:01:05.207 --> 00:01:06.628 It's just more 00:01:06.647 --> 00:01:07.567 controls, more 00:01:07.568 --> 00:01:08.307 friction, and more 00:01:08.307 --> 00:01:09.488 rules for everybody. 00:01:09.947 --> 00:01:10.517 It's impacting 00:01:10.518 --> 00:01:11.038 everybody. 00:01:11.127 --> 00:01:12.247 The American elite 00:01:12.257 --> 00:01:13.337 mentality is we can 00:01:13.338 --> 00:01:14.447 solve any problem 00:01:15.047 --> 00:01:15.697 because we can 00:01:15.697 --> 00:01:16.507 print money, and 00:01:16.507 --> 00:01:17.437 we can f- print 00:01:17.447 --> 00:01:19.048 propaganda, and we 00:01:19.048 --> 00:01:20.078 can create red tape, 00:01:20.078 --> 00:01:21.488 and that's enough. 00:01:23.147 --> 00:01:23.998 And we'll talk about 00:01:25.437 --> 00:01:27.118 economic outcast, 00:01:27.158 --> 00:01:28.377 Operation Economic 00:01:28.378 --> 00:01:28.968 Outcast- Yeah 00:01:28.978 --> 00:01:30.347 … which is the latest 00:01:30.347 --> 00:01:31.288 round of toll booths. 00:01:31.658 --> 00:01:31.758 It is. 00:01:31.768 --> 00:01:32.707 Anyway, but we have 00:01:32.707 --> 00:01:33.307 something new on 00:01:33.308 --> 00:01:34.277 Money and Markets. 00:01:34.308 --> 00:01:34.817 You wanna tell 00:01:34.817 --> 00:01:35.488 us about it? 00:01:35.647 --> 00:01:36.267 Yeah. 00:01:36.817 --> 00:01:38.537 So it's w- who… 00:01:38.917 --> 00:01:39.597 What's your story 00:01:39.597 --> 00:01:40.018 of the week? 00:01:40.027 --> 00:01:40.887 We were talking about 00:01:40.887 --> 00:01:41.598 it informally, and 00:01:41.607 --> 00:01:42.477 we always talk about 00:01:42.478 --> 00:01:42.898 it, like what your 00:01:42.898 --> 00:01:44.077 favorite story is. 00:01:44.417 --> 00:01:44.738 And it's like 00:01:44.867 --> 00:01:45.507 let's just put it 00:01:45.507 --> 00:01:46.888 in the segment. 00:01:47.918 --> 00:01:48.728 But without telling 00:01:48.728 --> 00:01:49.258 each other what 00:01:49.258 --> 00:01:49.628 our favorite 00:01:49.628 --> 00:01:50.308 story is, that's 00:01:50.318 --> 00:01:50.628 the difference. 00:01:50.708 --> 00:01:51.448 So we didn't talk 00:01:51.458 --> 00:01:51.978 about it, like 00:01:51.988 --> 00:01:52.748 your favorite story 00:01:52.758 --> 00:01:53.198 and my favorite 00:01:53.198 --> 00:01:53.948 story yesterday. 00:01:55.128 --> 00:01:55.718 You wanna va- 00:01:55.718 --> 00:01:56.108 you wanna vat 00:01:56.158 --> 00:01:56.908 lead off on it? 00:01:57.238 --> 00:01:58.178 I'll vat lead off. 00:01:58.208 --> 00:01:59.298 My favorite story 00:01:59.298 --> 00:02:00.438 is the Icelandic 00:02:00.438 --> 00:02:00.928 rejection of 00:02:00.928 --> 00:02:01.648 the 00:02:01.648 --> 00:02:02.188 EU referendum. 00:02:02.908 --> 00:02:03.179 God, I knew it. 00:02:03.205 --> 00:02:03.778 I d- I knew it. 00:02:05.318 --> 00:02:06.278 I even had… I was 00:02:06.278 --> 00:02:07.028 like, " I should do a 00:02:07.028 --> 00:02:08.738 slide where I predict 00:02:08.738 --> 00:02:09.517 Catherine's favorite 00:02:09.518 --> 00:02:10.052 story- "… and 00:02:10.052 --> 00:02:11.067 then have, have a 00:02:11.227 --> 00:02:13.498 reveal where I sh- 00:02:13.557 --> 00:02:14.477 have an animation 00:02:14.477 --> 00:02:14.567 that, that-" Ah. 00:02:14.627 --> 00:02:15.417 Now, how did you know 00:02:15.418 --> 00:02:16.047 that was gonna be 00:02:16.047 --> 00:02:16.987 my favorite story? 00:02:17.088 --> 00:02:17.857 Because it's about 00:02:17.857 --> 00:02:18.927 sovereignty, and 00:02:19.437 --> 00:02:20.587 it's about fish, how 00:02:20.587 --> 00:02:21.507 they love their fish. 00:02:22.497 --> 00:02:23.387 It it's funny 00:02:23.387 --> 00:02:24.357 because the, th- 00:02:24.367 --> 00:02:24.847 there are three 00:02:24.847 --> 00:02:25.857 things going on. 00:02:26.188 --> 00:02:26.908 One is how they 00:02:26.908 --> 00:02:27.537 love their fish, 00:02:27.567 --> 00:02:28.028 because you have 00:02:28.047 --> 00:02:30.338 the EU in the 00:02:30.338 --> 00:02:31.428 Mediterranean trying 00:02:31.428 --> 00:02:32.397 to cut the Portuguese 00:02:32.398 --> 00:02:33.128 and Spanish 00:02:33.137 --> 00:02:35.007 s- fishermen 00:02:35.008 --> 00:02:36.118 back to 27 days. 00:02:36.118 --> 00:02:37.048 And I'm in a fishing 00:02:37.048 --> 00:02:38.477 community, and I've 00:02:38.477 --> 00:02:39.258 seen what the EU has 00:02:39.258 --> 00:02:40.077 done to the fishermen 00:02:40.078 --> 00:02:40.767 here, and it's 00:02:40.767 --> 00:02:42.317 just, it's horrible. 00:02:42.317 --> 00:02:42.948 It's tragic. 00:02:43.407 --> 00:02:44.097 So part of it 00:02:44.098 --> 00:02:44.857 is the fishing. 00:02:45.177 --> 00:02:45.577 But the other 00:02:45.578 --> 00:02:46.268 thing is they have 00:02:46.268 --> 00:02:47.627 geothermal energy 00:02:47.627 --> 00:02:48.937 resources, incredible 00:02:48.947 --> 00:02:49.938 geothermal energy 00:02:49.938 --> 00:02:51.158 resources which, 00:02:51.158 --> 00:02:51.827 if you're building 00:02:51.828 --> 00:02:52.688 a control grid, is 00:02:52.688 --> 00:02:53.667 the perfect form 00:02:53.668 --> 00:02:54.748 of reliable energy 00:02:54.748 --> 00:02:55.618 for a control grid. 00:02:55.918 --> 00:02:56.188 Yeah. 00:02:57.068 --> 00:02:57.897 So of course, the 00:02:57.897 --> 00:02:58.947 EU would love to get 00:02:58.988 --> 00:02:59.988 their hands on that. 00:02:59.988 --> 00:03:00.737 But finally, 00:03:01.087 --> 00:03:02.038 they have amazing 00:03:02.038 --> 00:03:02.557 livestock. 00:03:02.557 --> 00:03:03.078 So I've told you 00:03:03.087 --> 00:03:03.807 my favorite story 00:03:03.807 --> 00:03:04.717 about the Icelandic 00:03:04.717 --> 00:03:06.697 horses and you're 00:03:06.697 --> 00:03:08.017 gonna lose, you're 00:03:08.017 --> 00:03:08.638 gonna corrupt 00:03:08.638 --> 00:03:09.617 all those breeds. 00:03:09.657 --> 00:03:11.487 And there are many 00:03:11.488 --> 00:03:13.127 different issues but 00:03:13.208 --> 00:03:14.307 one of the reasons I 00:03:14.307 --> 00:03:15.827 love it is, what I'm 00:03:15.827 --> 00:03:16.707 seeing all over the 00:03:16.708 --> 00:03:18.657 globe is exhaustion 00:03:18.657 --> 00:03:19.507 with liars. 00:03:20.017 --> 00:03:21.027 And I think part 00:03:21.028 --> 00:03:22.717 of this is yes, 00:03:22.717 --> 00:03:23.517 it's fishing, yes, 00:03:23.517 --> 00:03:24.407 it's energy, yes, 00:03:24.407 --> 00:03:25.308 it's livestock, but 00:03:25.308 --> 00:03:26.257 they're also sick 00:03:26.257 --> 00:03:27.268 of being lied to, 00:03:27.627 --> 00:03:28.347 and they just don't 00:03:28.348 --> 00:03:29.257 believe that you 00:03:29.257 --> 00:03:30.147 can make a deal with 00:03:30.157 --> 00:03:30.817 the EU and they'll 00:03:30.817 --> 00:03:31.587 keep their deal. 00:03:32.397 --> 00:03:32.547 Yeah. 00:03:33.307 --> 00:03:34.257 I just think it's- R- 00:03:34.257 --> 00:03:35.717 … it's liar exhaustion, 00:03:35.817 --> 00:03:36.877 and Iceland has 00:03:36.877 --> 00:03:38.177 a particular kind 00:03:38.177 --> 00:03:39.027 of sovereignty, 00:03:39.028 --> 00:03:39.938 part- particularly 00:03:39.938 --> 00:03:40.587 coming after the 00:03:40.587 --> 00:03:41.598 financial crisis. 00:03:42.367 --> 00:03:43.248 They put people in 00:03:43.248 --> 00:03:43.957 prison, and they 00:03:43.958 --> 00:03:45.098 really slapped back. 00:03:45.197 --> 00:03:45.577 They did. 00:03:45.997 --> 00:03:46.717 And changed the 00:03:46.717 --> 00:03:47.937 laws to support 00:03:47.977 --> 00:03:48.907 transparency of 00:03:48.907 --> 00:03:49.787 various kinds. 00:03:50.147 --> 00:03:50.967 They don't wanna lose 00:03:50.967 --> 00:03:52.387 that, and they've 00:03:52.407 --> 00:03:53.317 lived through what 00:03:53.317 --> 00:03:54.147 happens when you 00:03:54.147 --> 00:03:54.897 don't protect your 00:03:54.897 --> 00:03:55.767 sovereignty, and 00:03:55.767 --> 00:03:56.217 they've learned 00:03:56.218 --> 00:03:56.777 their lesson. 00:03:56.778 --> 00:03:58.438 So I'm very 00:03:58.438 --> 00:03:59.697 enthusiastic about 00:03:59.697 --> 00:04:00.167 what happened. 00:04:00.168 --> 00:04:00.887 Of course, and part 00:04:00.888 --> 00:04:01.698 of it is I love 00:04:01.737 --> 00:04:02.557 Iceland and have 00:04:02.557 --> 00:04:03.488 dear friends there, 00:04:03.488 --> 00:04:05.677 and and I just, 00:04:05.697 --> 00:04:06.518 I love the people 00:04:06.518 --> 00:04:07.248 and the culture. 00:04:07.688 --> 00:04:07.958 Yeah. 00:04:08.028 --> 00:04:08.828 So the headline of 00:04:08.837 --> 00:04:09.937 the Iceland story 00:04:09.938 --> 00:04:11.457 is Iceland v- had a 00:04:11.457 --> 00:04:12.528 vote, a referendum, 00:04:12.528 --> 00:04:12.987 on whether to 00:04:12.998 --> 00:04:13.597 join the EU. 00:04:13.767 --> 00:04:13.827 And this- 00:04:14.387 --> 00:04:15.257 No, it wasn't whether 00:04:15.257 --> 00:04:15.937 to join, it was 00:04:15.938 --> 00:04:16.787 just whether to have 00:04:16.817 --> 00:04:18.537 talks that would 00:04:18.537 --> 00:04:19.557 then lead to a second 00:04:19.557 --> 00:04:20.517 rener- referendum 00:04:20.517 --> 00:04:21.068 through which 00:04:21.068 --> 00:04:22.008 they would join. 00:04:22.427 --> 00:04:22.997 And they said, 00:04:22.998 --> 00:04:23.427 "No, we don't 00:04:23.427 --> 00:04:24.247 even wanna talk 00:04:24.248 --> 00:04:24.857 to you about it." 00:04:24.907 --> 00:04:25.157 Yeah. 00:04:25.307 --> 00:04:25.617 Okay. 00:04:26.287 --> 00:04:26.597 Yeah. 00:04:26.918 --> 00:04:27.337 But that's 00:04:27.337 --> 00:04:28.037 off the table. 00:04:28.447 --> 00:04:29.078 Okay, so what's 00:04:29.078 --> 00:04:30.077 your favorite story? 00:04:30.862 --> 00:04:31.702 So that's a, your 00:04:31.812 --> 00:04:32.302 favorite story 00:04:32.302 --> 00:04:32.802 is the second to 00:04:32.802 --> 00:04:33.342 the last story. 00:04:33.342 --> 00:04:33.962 My favorite story 00:04:33.962 --> 00:04:34.522 is the second 00:04:34.522 --> 00:04:35.412 story, which is the 00:04:35.412 --> 00:04:36.312 Simplicius story 00:04:36.312 --> 00:04:37.702 about losing the 00:04:37.702 --> 00:04:38.802 Iran war because it 00:04:38.802 --> 00:04:40.942 reflects the American 00:04:40.942 --> 00:04:41.892 mentality and how 00:04:41.892 --> 00:04:42.882 wrongheaded it is. 00:04:43.162 --> 00:04:43.782 There's… It's like 00:04:43.992 --> 00:04:45.532 it's m- money. 00:04:45.532 --> 00:04:45.892 And it's like 00:04:45.892 --> 00:04:46.362 now your problem 00:04:46.362 --> 00:04:47.351 isn't money. 00:04:47.991 --> 00:04:48.582 Problem is you're 00:04:48.582 --> 00:04:49.741 losing irreplaceable 00:04:49.762 --> 00:04:50.472 assets and you're 00:04:50.472 --> 00:04:51.562 doing irreversible 00:04:51.562 --> 00:04:52.842 damage with this war. 00:04:54.171 --> 00:04:54.851 You're destroying 00:04:54.852 --> 00:04:55.481 your brand. 00:04:55.491 --> 00:04:55.511 Y- 00:04:55.511 --> 00:04:56.982 y- in other words, 00:04:57.331 --> 00:04:58.222 Ame- the American 00:04:58.231 --> 00:04:59.921 elite is so far 00:05:00.071 --> 00:05:02.132 ensconced and 00:05:02.132 --> 00:05:03.481 saturated in la-la 00:05:03.481 --> 00:05:04.962 land that they 00:05:04.962 --> 00:05:05.801 don't even seem to 00:05:05.801 --> 00:05:06.831 appreciate what… 00:05:06.842 --> 00:05:07.401 Th- they can't 00:05:07.402 --> 00:05:08.351 even… It would 00:05:08.351 --> 00:05:09.031 never occur to 00:05:09.031 --> 00:05:10.391 them that we 00:05:10.391 --> 00:05:11.211 could lose a war. 00:05:12.351 --> 00:05:12.731 Doesn't even 00:05:12.731 --> 00:05:13.472 cross their minds. 00:05:13.542 --> 00:05:15.111 So the thing I find 00:05:15.121 --> 00:05:15.911 most interesting 00:05:15.921 --> 00:05:16.952 about Simplicius 00:05:16.952 --> 00:05:18.241 is, that particular 00:05:18.312 --> 00:05:20.561 story, is he quotes 00:05:20.562 --> 00:05:21.591 extensively from Ro- 00:05:21.932 --> 00:05:23.211 Robert Ka- Kagan's 00:05:23.211 --> 00:05:25.441 article, and Kagan 00:05:25.452 --> 00:05:26.251 is of course one of 00:05:26.251 --> 00:05:27.432 the lead neocons. 00:05:27.551 --> 00:05:28.051 Yes. 00:05:28.461 --> 00:05:29.701 And he's the guy… 00:05:29.891 --> 00:05:31.151 I think of Kagan as 00:05:31.151 --> 00:05:31.872 one of the leading 00:05:31.872 --> 00:05:32.701 guys who got us 00:05:32.702 --> 00:05:33.751 into this mess. 00:05:34.821 --> 00:05:36.031 And we used to have 00:05:36.031 --> 00:05:37.552 a, a, a saying when I 00:05:37.552 --> 00:05:38.372 worked in government 00:05:38.372 --> 00:05:38.992 that an auditor 00:05:38.992 --> 00:05:39.641 was somebody who 00:05:39.671 --> 00:05:40.892 bayoneted the wound. 00:05:41.701 --> 00:05:41.871 Yeah. 00:05:41.872 --> 00:05:43.291 So Kagan is a guy 00:05:43.292 --> 00:05:44.322 who got a shot, 00:05:44.372 --> 00:05:44.911 and now he's 00:05:44.921 --> 00:05:46.052 bayoneting the wound. 00:05:46.781 --> 00:05:46.841 Yeah. 00:05:46.841 --> 00:05:47.751 And it's the height 00:05:47.811 --> 00:05:50.321 of the absence of 00:05:50.321 --> 00:05:51.181 accountability, the 00:05:51.182 --> 00:05:52.041 height of absence 00:05:52.042 --> 00:05:52.711 of sovereignty. 00:05:52.751 --> 00:05:54.391 It's the height of 00:05:54.472 --> 00:05:55.081 everything that's 00:05:55.082 --> 00:05:55.621 wrong about the 00:05:55.621 --> 00:05:56.371 American elite. 00:05:56.881 --> 00:05:57.221 Yeah. 00:05:57.292 --> 00:05:58.392 It's, the Jeffrey 00:05:58.392 --> 00:05:59.452 Sachs, same thing. 00:05:59.461 --> 00:05:59.882 It's like, didn't 00:05:59.891 --> 00:06:00.802 you participate in 00:06:00.871 --> 00:06:01.631 the rape of Russia? 00:06:01.631 --> 00:06:02.211 Now you're telling 00:06:02.211 --> 00:06:02.872 us what to do? 00:06:03.531 --> 00:06:03.851 Why are we 00:06:03.851 --> 00:06:04.411 li- To what… 00:06:04.411 --> 00:06:05.551 It's, I'm sorry. 00:06:05.551 --> 00:06:05.891 Why are we 00:06:05.891 --> 00:06:06.612 listening to you? 00:06:07.051 --> 00:06:07.711 Exactly. 00:06:07.981 --> 00:06:08.601 Exactly. 00:06:10.542 --> 00:06:11.051 Because you have 00:06:11.051 --> 00:06:12.222 experience at failure 00:06:12.222 --> 00:06:13.332 makes you an expert 00:06:13.341 --> 00:06:14.601 in more f- failing? 00:06:14.601 --> 00:06:15.861 I'm just… I'm 00:06:15.862 --> 00:06:16.041 not tracking. 00:06:16.112 --> 00:06:17.032 We are gonna, we are 00:06:17.032 --> 00:06:17.931 gonna, we are gonna 00:06:17.932 --> 00:06:18.601 listen to one of 00:06:18.612 --> 00:06:19.341 the people who led 00:06:19.341 --> 00:06:20.581 us into war in our 00:06:20.582 --> 00:06:21.572 first story, right? 00:06:23.534 --> 00:06:24.354 Yeah, I don't know. 00:06:24.964 --> 00:06:25.683 Oh, yeah. 00:06:28.944 --> 00:06:29.534 I blotted 00:06:29.544 --> 00:06:30.094 that one out. 00:06:33.244 --> 00:06:34.823 But Kagan in that, 00:06:34.823 --> 00:06:35.524 let's wrap it up on 00:06:35.543 --> 00:06:36.244 Simplicissimus and 00:06:36.244 --> 00:06:37.384 that story, Kagan, 00:06:38.014 --> 00:06:39.143 the fact that he's 00:06:39.304 --> 00:06:40.243 being trotted out to 00:06:40.243 --> 00:06:41.213 write these op-eds 00:06:41.214 --> 00:06:42.024 about how the US 00:06:42.024 --> 00:06:44.034 has lost the Iran 00:06:44.034 --> 00:06:44.784 war really con- 00:06:44.954 --> 00:06:45.683 underscores the 00:06:45.683 --> 00:06:47.193 theme, which is the 00:06:47.194 --> 00:06:48.713 US elite has now 00:06:49.954 --> 00:06:50.993 accepted we're not 00:06:50.993 --> 00:06:52.154 gonna win militarily, 00:06:52.544 --> 00:06:53.433 so we're gonna win 00:06:53.433 --> 00:06:55.394 with red tape and 00:06:55.493 --> 00:06:56.243 tollbooths all over 00:06:56.243 --> 00:06:56.963 the place, which 00:06:56.984 --> 00:06:57.803 of course aren't 00:06:57.813 --> 00:06:58.774 really aimed… 00:06:59.363 --> 00:07:00.313 Yeah, they are aimed 00:07:00.313 --> 00:07:01.313 abroad and at, at 00:07:01.433 --> 00:07:02.543 foreign adversaries, 00:07:03.193 --> 00:07:04.104 but if you think that 00:07:04.163 --> 00:07:05.734 Americans, American 00:07:05.764 --> 00:07:06.703 and Main Street are 00:07:06.833 --> 00:07:08.113 sub- somehow exempt 00:07:08.514 --> 00:07:09.553 from that, that 00:07:09.554 --> 00:07:10.084 tollbooth, you're 00:07:10.084 --> 00:07:10.674 out of your mind. 00:07:11.313 --> 00:07:12.174 So what they're doing 00:07:12.174 --> 00:07:12.764 is they're going 00:07:12.764 --> 00:07:13.763 from an open model 00:07:13.784 --> 00:07:14.604 to a closed model. 00:07:14.604 --> 00:07:15.004 They're trying to 00:07:15.014 --> 00:07:15.873 build a closed model 00:07:15.874 --> 00:07:17.593 globally, and that 00:07:17.593 --> 00:07:21.034 closed model in, in 00:07:21.034 --> 00:07:22.063 one sense we can say 00:07:22.063 --> 00:07:22.654 they're losing the 00:07:22.654 --> 00:07:23.503 war, but if you look 00:07:23.503 --> 00:07:24.414 at corporate profits, 00:07:24.414 --> 00:07:24.873 they think they're 00:07:24.874 --> 00:07:25.613 winning the war. 00:07:25.913 --> 00:07:26.554 In other words 00:07:28.873 --> 00:07:29.723 they don't care 00:07:29.723 --> 00:07:30.413 whether the, the 00:07:30.983 --> 00:07:31.714 broad majority 00:07:31.714 --> 00:07:32.673 of America wins. 00:07:32.684 --> 00:07:34.473 They care that the 00:07:34.473 --> 00:07:35.824 corporations and 00:07:35.833 --> 00:07:38.054 the the top 1% 00:07:38.063 --> 00:07:39.573 of 1% win, right? 00:07:39.573 --> 00:07:40.144 Yeah. 00:07:40.144 --> 00:07:42.113 And this war is 00:07:42.123 --> 00:07:43.063 very successful. 00:07:43.063 --> 00:07:44.213 In other words, if 00:07:44.214 --> 00:07:45.363 you believe this war 00:07:45.754 --> 00:07:46.434 and what's happening 00:07:46.434 --> 00:07:47.823 is COVID 2.0, which 00:07:47.824 --> 00:07:48.833 is what I believe- 00:07:49.093 --> 00:07:49.373 Right 00:07:49.413 --> 00:07:50.113 the strategy 00:07:50.114 --> 00:07:50.743 is working. 00:07:51.173 --> 00:07:51.693 It is. 00:07:52.983 --> 00:07:53.183 Yep. 00:07:53.483 --> 00:07:54.073 We'll see that. 00:07:54.574 --> 00:07:55.523 It's Main, Main 00:07:55.523 --> 00:07:56.283 Street's losing 00:07:56.293 --> 00:07:57.833 and big corporat- 00:07:57.894 --> 00:07:58.454 corporations 00:07:58.454 --> 00:07:58.793 are winning. 00:07:58.793 --> 00:07:59.483 I would say Wall 00:07:59.483 --> 00:08:00.524 Street, but it's 00:08:00.534 --> 00:08:01.303 broadened- to mega, 00:08:01.354 --> 00:08:02.423 mega corporations. 00:08:02.773 --> 00:08:03.213 And I think 00:08:03.223 --> 00:08:03.883 what happened in 00:08:03.883 --> 00:08:04.723 Iceland is they're 00:08:04.723 --> 00:08:05.493 rejecting that. 00:08:06.233 --> 00:08:06.834 They've had it with 00:08:06.843 --> 00:08:07.723 the centralizing 00:08:07.723 --> 00:08:08.164 and they've had it 00:08:08.164 --> 00:08:08.793 with the lies of 00:08:08.793 --> 00:08:09.833 the centralizers. 00:08:10.973 --> 00:08:11.364 They don't wanna hear 00:08:11.364 --> 00:08:13.678 about it, let's 00:08:13.678 --> 00:08:14.308 turn to Hillary 00:08:14.308 --> 00:08:14.928 Clinton, who for 00:08:14.928 --> 00:08:15.738 my money is the 00:08:15.738 --> 00:08:16.938 worst example of 00:08:16.938 --> 00:08:17.738 the American elite. 00:08:17.778 --> 00:08:18.978 She is absolutely 00:08:19.008 --> 00:08:20.278 stuck in a rut, as 00:08:20.278 --> 00:08:21.358 is the entire elite 00:08:21.358 --> 00:08:22.188 in their thinking. 00:08:23.028 --> 00:08:23.468 Her answer 00:08:23.468 --> 00:08:23.908 to everything 00:08:23.908 --> 00:08:24.747 is more war. 00:08:24.747 --> 00:08:25.357 Let Hillary 00:08:25.358 --> 00:08:26.218 herself explain it. 00:08:26.388 --> 00:08:27.148 Here we go. 00:08:27.198 --> 00:08:28.628 Sure, a form of a 00:08:28.707 --> 00:08:30.427 Patriot air defense 00:08:30.438 --> 00:08:31.667 system, we should 00:08:31.667 --> 00:08:32.268 be doing that. 00:08:32.297 --> 00:08:34.207 And the fastest way 00:08:34.207 --> 00:08:35.337 to try to end this 00:08:35.337 --> 00:08:36.987 war is for Trump 00:08:37.087 --> 00:08:38.757 to weigh in much 00:08:38.768 --> 00:08:39.988 more forcefully 00:08:40.018 --> 00:08:41.188 on Ukraine's side. 00:08:41.747 --> 00:08:42.668 Sadly, I don't 00:08:42.678 --> 00:08:43.147 think he will 00:08:43.147 --> 00:08:43.937 do that, Mike. 00:08:44.307 --> 00:08:45.808 I think whatever the 00:08:45.808 --> 00:08:47.438 hold that Putin has 00:08:47.448 --> 00:08:48.588 on him, whether it's 00:08:48.597 --> 00:08:50.208 the admiration he 00:08:50.218 --> 00:08:51.457 has for dictators, 00:08:51.457 --> 00:08:52.427 that he wants to be 00:08:52.428 --> 00:08:53.727 a leader like Putin, 00:08:53.737 --> 00:08:55.218 or the money that 00:08:55.218 --> 00:08:56.177 he's making from all 00:08:56.178 --> 00:08:57.317 these side deals, 00:08:57.317 --> 00:08:58.948 which very clearly 00:08:59.588 --> 00:09:00.937 there is a path 00:09:00.968 --> 00:09:02.357 back to Moscow with 00:09:02.428 --> 00:09:03.507 a number of these 00:09:05.687 --> 00:09:06.347 business 00:09:06.567 --> 00:09:07.498 opportunities that 00:09:07.498 --> 00:09:08.268 he and his family 00:09:08.268 --> 00:09:09.317 have taken advantage 00:09:09.317 --> 00:09:10.687 of, or they have 00:09:10.687 --> 00:09:11.457 something on him, 00:09:11.467 --> 00:09:12.228 what the Russians 00:09:12.228 --> 00:09:13.267 call kompromat, or 00:09:13.268 --> 00:09:14.168 it's a combination 00:09:14.168 --> 00:09:14.987 of all of that. 00:09:15.788 --> 00:09:17.508 He cannot bring 00:09:17.508 --> 00:09:18.847 himself to criticize 00:09:18.877 --> 00:09:20.188 Putin or to really 00:09:20.207 --> 00:09:21.827 take any lasting 00:09:22.438 --> 00:09:23.487 position of strength 00:09:23.487 --> 00:09:24.058 against Putin. 00:09:25.968 --> 00:09:26.408 Wow. 00:09:26.517 --> 00:09:26.837 That sounds 00:09:26.837 --> 00:09:27.477 like a campaign 00:09:27.477 --> 00:09:28.907 ad from 2016. 00:09:29.218 --> 00:09:29.637 Doesn't it? 00:09:29.637 --> 00:09:30.067 Hasn't changed. 00:09:30.157 --> 00:09:30.407 Yeah. 00:09:30.497 --> 00:09:31.447 Nothing's changed. 00:09:31.718 --> 00:09:32.187 Nothing's changed. 00:09:32.508 --> 00:09:33.417 It's un- she hasn't 00:09:33.417 --> 00:09:34.157 learned a thing 00:09:34.237 --> 00:09:35.847 from her loss, from 00:09:35.847 --> 00:09:36.768 her humiliation. 00:09:37.247 --> 00:09:37.517 Nope. 00:09:37.677 --> 00:09:37.707 Nope. 00:09:38.657 --> 00:09:39.027 That was, that 00:09:39.027 --> 00:09:39.297 w- remember, that 00:09:39.297 --> 00:09:40.647 was the campaign 00:09:40.657 --> 00:09:41.267 where during a 00:09:41.267 --> 00:09:42.097 national debate 00:09:42.178 --> 00:09:44.168 against Trump, a fly 00:09:44.237 --> 00:09:45.257 lands on her face. 00:09:45.267 --> 00:09:46.417 So she was a zombie. 00:09:46.947 --> 00:09:47.687 She was part of 00:09:47.687 --> 00:09:49.047 the dead s- 10 00:09:49.057 --> 00:09:50.627 years ago, and has 00:09:50.627 --> 00:09:51.317 learned nothing. 00:09:51.627 --> 00:09:52.827 So a year ago she 00:09:52.828 --> 00:09:54.238 was shaking in her 00:09:54.238 --> 00:09:55.087 boots, afraid of 00:09:55.087 --> 00:09:56.187 Trump, and now she's 00:09:56.187 --> 00:09:57.577 clearly not, which 00:09:57.578 --> 00:09:58.477 shows you something 00:09:58.477 --> 00:09:58.927 about what's 00:09:58.928 --> 00:09:59.477 happened in the 00:09:59.477 --> 00:10:01.267 polls and and the 00:10:01.267 --> 00:10:02.287 loss of the war that 00:10:02.288 --> 00:10:03.337 she's comfortable 00:10:03.337 --> 00:10:04.037 saying this. 00:10:05.108 --> 00:10:05.448 Tr- Trump's 00:10:05.448 --> 00:10:06.337 favorability rating 00:10:06.337 --> 00:10:07.147 is at an all-time 00:10:07.148 --> 00:10:07.838 low right now. 00:10:08.968 --> 00:10:10.467 There are … I 00:10:10.468 --> 00:10:11.277 think the percentage 00:10:11.277 --> 00:10:11.717 of people who 00:10:11.718 --> 00:10:12.607 strongly agree 00:10:12.608 --> 00:10:13.807 with his policies 00:10:13.817 --> 00:10:14.417 at this point is 00:10:14.428 --> 00:10:15.217 something like 14%. 00:10:15.807 --> 00:10:16.377 It's not good. 00:10:17.507 --> 00:10:18.748 So I think one of 00:10:18.748 --> 00:10:19.397 the things we have 00:10:19.398 --> 00:10:20.378 to face is that 00:10:20.378 --> 00:10:21.397 both in the European 00:10:21.397 --> 00:10:22.388 Union and the United 00:10:22.388 --> 00:10:23.977 States, the, the 00:10:23.977 --> 00:10:25.358 leadership only 00:10:25.358 --> 00:10:26.608 sees the way forward 00:10:26.608 --> 00:10:27.998 as being war. 00:10:31.578 --> 00:10:32.007 A- and again, 00:10:32.007 --> 00:10:32.477 they can't 00:10:32.487 --> 00:10:34.607 contemplate that 00:10:34.617 --> 00:10:35.708 you can lose a war 00:10:38.270 --> 00:10:39.130 it's f- you get 00:10:39.130 --> 00:10:40.569 into a war outcomes 00:10:40.569 --> 00:10:40.980 are un- it's 00:10:40.980 --> 00:10:41.710 like litigation. 00:10:41.990 --> 00:10:43.060 You gotta remember, 00:10:43.060 --> 00:10:43.900 you can lose 00:10:44.060 --> 00:10:46.040 So they believe that 00:10:46.260 --> 00:10:47.620 you can always win 00:10:47.689 --> 00:10:48.729 as long as the bond 00:10:48.730 --> 00:10:49.579 market holds, and 00:10:49.580 --> 00:10:50.530 you can outspend 00:10:50.530 --> 00:10:51.380 and drive the other 00:10:51.380 --> 00:10:52.550 guy financially into 00:10:52.550 --> 00:10:53.610 the ground, which 00:10:53.610 --> 00:10:54.049 is what they're 00:10:54.050 --> 00:10:54.710 trying to do with 00:10:54.710 --> 00:10:56.060 economic outcast now. 00:10:58.199 --> 00:10:59.219 So they can't win 00:10:59.220 --> 00:11:00.150 boots on the ground, 00:11:00.159 --> 00:11:01.199 but they think they 00:11:01.199 --> 00:11:02.709 can win economically, 00:11:03.019 --> 00:11:03.750 and the key to all 00:11:03.750 --> 00:11:04.639 that is the ability 00:11:04.640 --> 00:11:06.019 to outspend anyone 00:11:06.029 --> 00:11:06.789 for very long 00:11:06.790 --> 00:11:07.659 periods of time. 00:11:07.679 --> 00:11:08.529 And remember, 00:11:08.849 --> 00:11:09.839 as they do, the 00:11:09.840 --> 00:11:10.710 corporate profits 00:11:10.710 --> 00:11:11.459 are off the chart. 00:11:12.559 --> 00:11:12.859 Yeah. 00:11:12.980 --> 00:11:14.049 So let's get into 00:11:14.050 --> 00:11:15.049 economic outcast 00:11:15.050 --> 00:11:15.430 and see what 00:11:15.439 --> 00:11:16.109 that's all about. 00:11:16.120 --> 00:11:17.259 This is one story of 00:11:17.259 --> 00:11:18.380 hundreds, but it'll 00:11:18.380 --> 00:11:19.189 score the point. 00:11:19.739 --> 00:11:20.620 What Operation 00:11:20.620 --> 00:11:21.640 Economic Outcast 00:11:21.640 --> 00:11:22.819 means for Iran and 00:11:22.819 --> 00:11:24.620 for everyone trading 00:11:24.620 --> 00:11:26.199 with Iran, it's 00:11:26.199 --> 00:11:27.000 about sanctions. 00:11:27.000 --> 00:11:27.900 So let's just cut 00:11:27.900 --> 00:11:28.619 to the number one 00:11:28.620 --> 00:11:29.280 question whenever 00:11:29.280 --> 00:11:29.989 you get any story 00:11:29.989 --> 00:11:30.699 about sanctions, 00:11:30.710 --> 00:11:32.209 and that is, what's 00:11:32.210 --> 00:11:33.269 actually new here? 00:11:33.300 --> 00:11:33.910 That's the question 00:11:33.910 --> 00:11:34.409 I always ask. 00:11:34.819 --> 00:11:35.489 Okay, they've been… 00:11:35.849 --> 00:11:36.759 Iran has been under 00:11:36.759 --> 00:11:37.530 American sanctions 00:11:37.530 --> 00:11:39.089 for 47 years. 00:11:39.509 --> 00:11:40.249 So the question is 00:11:40.259 --> 00:11:41.579 what any of this 00:11:41.610 --> 00:11:44.019 adds to the mix. 00:11:44.029 --> 00:11:44.750 What's new about it? 00:11:44.769 --> 00:11:45.329 The answer is 00:11:45.329 --> 00:11:46.309 enforcement against 00:11:46.319 --> 00:11:47.239 everyone else. 00:11:48.150 --> 00:11:49.019 The central message 00:11:49.040 --> 00:11:51.260 now is aimed at third 00:11:51.260 --> 00:11:52.029 countries, meaning 00:11:52.029 --> 00:11:53.249 not the US, not Iran. 00:11:53.540 --> 00:11:54.429 Keep doing business 00:11:54.430 --> 00:11:55.819 with Tehran and 00:11:55.819 --> 00:11:56.769 you'll lose access 00:11:56.769 --> 00:11:57.880 to the United States. 00:11:58.290 --> 00:11:59.099 Treasury Secretary 00:11:59.099 --> 00:12:00.189 Scott Bessent said 00:12:00.199 --> 00:12:01.569 on Monday when he 00:12:01.569 --> 00:12:02.539 announced Operation 00:12:02.549 --> 00:12:03.639 Economic Outcast, 00:12:04.180 --> 00:12:05.069 "Today, in the 00:12:05.069 --> 00:12:06.439 same spirit as the 00:12:06.460 --> 00:12:07.639 Second World War, 00:12:07.979 --> 00:12:08.790 we are launching an 00:12:08.790 --> 00:12:09.760 economic onslaught 00:12:09.769 --> 00:12:10.749 against Iran's 00:12:10.960 --> 00:12:12.109 financial connections 00:12:12.140 --> 00:12:12.890 around the globe." 00:12:13.769 --> 00:12:14.699 Those four words, 00:12:14.699 --> 00:12:15.669 including, again, 00:12:15.680 --> 00:12:16.589 third countries, 00:12:16.619 --> 00:12:17.659 are the operation. 00:12:17.659 --> 00:12:18.119 That's the whole 00:12:18.119 --> 00:12:18.779 operation, is 00:12:18.779 --> 00:12:19.300 third-party 00:12:19.300 --> 00:12:19.739 countries. 00:12:20.589 --> 00:12:21.419 The US has already 00:12:21.419 --> 00:12:23.039 expanded the sectors 00:12:23.099 --> 00:12:24.079 in which any foreign 00:12:24.079 --> 00:12:24.740 company can now 00:12:24.740 --> 00:12:25.359 be sanctioned. 00:12:25.360 --> 00:12:26.040 This now includes 00:12:26.040 --> 00:12:26.789 digital assets, 00:12:26.849 --> 00:12:27.859 technology, gold, 00:12:27.860 --> 00:12:29.590 aviation, shipping. 00:12:29.599 --> 00:12:30.879 So that's a big, 00:12:31.140 --> 00:12:32.519 broad class of red 00:12:32.519 --> 00:12:34.620 tape Bessent was 00:12:34.640 --> 00:12:35.670 asked whether the 00:12:35.670 --> 00:12:36.709 new sanctions include 00:12:36.709 --> 00:12:37.790 China, which buys 00:12:37.790 --> 00:12:38.470 the overwhelming 00:12:38.470 --> 00:12:39.459 majority of Iran's 00:12:39.490 --> 00:12:40.420 exported oil. 00:12:41.160 --> 00:12:41.810 Bessent gave a 00:12:41.810 --> 00:12:42.709 nine-word answer, 00:12:42.709 --> 00:12:43.740 "No one is above 00:12:43.740 --> 00:12:44.469 the reach of US 00:12:44.480 --> 00:12:45.310 sanctions." Then 00:12:45.310 --> 00:12:46.130 he widened it, "It 00:12:46.130 --> 00:12:47.209 is now time for 00:12:47.209 --> 00:12:48.819 world leaders to 00:12:48.819 --> 00:12:49.600 make a decision 00:12:49.600 --> 00:12:51.199 between America and 00:12:51.199 --> 00:12:53.370 Iran." Beijing said, 00:12:53.439 --> 00:12:54.079 "Yeah, we'll take 00:12:54.079 --> 00:12:56.349 Iran." what does 00:12:56.350 --> 00:12:57.239 this mean though? 00:12:57.699 --> 00:12:58.970 The, and the breadth 00:12:58.970 --> 00:13:00.159 of this, these 00:13:00.169 --> 00:13:01.809 sanctions, the 00:13:01.809 --> 00:13:02.419 distinction that 00:13:02.419 --> 00:13:03.289 matters here is 00:13:03.299 --> 00:13:04.289 between primary and 00:13:04.290 --> 00:13:05.449 secondary sanctions. 00:13:05.989 --> 00:13:06.959 Primary sanctions 00:13:06.959 --> 00:13:08.060 bar Iran-related 00:13:08.060 --> 00:13:08.719 transactions 00:13:08.719 --> 00:13:09.869 involving US persons 00:13:09.870 --> 00:13:10.619 or other American 00:13:10.620 --> 00:13:11.699 jurisdictional links. 00:13:12.570 --> 00:13:13.709 Secondary sanctions 00:13:13.709 --> 00:13:14.869 reach non-US 00:13:14.879 --> 00:13:16.030 parties for 00:13:16.030 --> 00:13:16.850 business conducted 00:13:16.870 --> 00:13:17.990 entirely elsewhere. 00:13:18.489 --> 00:13:19.849 A company in Dubai 00:13:19.879 --> 00:13:20.580 can be cut off 00:13:20.589 --> 00:13:21.270 from the dollar 00:13:21.839 --> 00:13:22.789 for a deal that 00:13:22.789 --> 00:13:24.019 never even touched 00:13:24.379 --> 00:13:25.629 the United States. 00:13:26.969 --> 00:13:27.579 So that's the 00:13:27.579 --> 00:13:28.379 general notion of it. 00:13:28.390 --> 00:13:28.989 These are… If 00:13:28.989 --> 00:13:30.289 you deal with Iran 00:13:30.289 --> 00:13:30.849 in any way, we're 00:13:30.850 --> 00:13:31.659 gonna cut you off. 00:13:31.839 --> 00:13:32.659 So we've talked 00:13:32.669 --> 00:13:33.579 about this before, 00:13:33.579 --> 00:13:34.530 but if you hold a 00:13:34.530 --> 00:13:35.850 dollar in any bank 00:13:35.850 --> 00:13:36.769 account within the 00:13:36.769 --> 00:13:37.880 Western system in 00:13:37.880 --> 00:13:39.800 the world, so if 00:13:39.800 --> 00:13:40.799 you hold dollars 00:13:40.809 --> 00:13:41.779 in a Swiss bank in 00:13:41.780 --> 00:13:43.469 Zurich, that dollar 00:13:43.469 --> 00:13:44.550 is deemed to be under 00:13:44.550 --> 00:13:45.439 the jurisdiction of 00:13:45.469 --> 00:13:46.389 the United States 00:13:46.399 --> 00:13:47.089 and from a legal 00:13:47.089 --> 00:13:47.950 matter is in the 00:13:47.950 --> 00:13:48.749 United States, 00:13:48.759 --> 00:13:49.019 not in Zurich. 00:13:49.019 --> 00:13:49.459 It is in, it is 00:13:49.479 --> 00:13:51.009 in the United States. 00:13:51.979 --> 00:13:52.339 So- 00:13:52.349 --> 00:13:52.500 Yeah 00:13:52.719 --> 00:13:53.529 … so you have to 00:13:53.530 --> 00:13:54.540 understand that a lot 00:13:54.540 --> 00:13:55.379 of the enforcement 00:13:55.379 --> 00:13:56.149 around the world 00:13:56.149 --> 00:13:58.460 comes with basically 00:13:58.829 --> 00:14:00.309 being unable to act 00:14:00.309 --> 00:14:01.479 in the dollar or use 00:14:01.479 --> 00:14:02.499 your dollars or trade 00:14:02.500 --> 00:14:04.889 your dollars if you 00:14:04.890 --> 00:14:05.839 are in violation of 00:14:05.869 --> 00:14:07.269 these things anywhere 00:14:07.269 --> 00:14:07.810 in the world. 00:14:08.129 --> 00:14:08.759 So you don't have to 00:14:08.759 --> 00:14:09.439 be trading with the 00:14:09.439 --> 00:14:10.279 US, you don't have 00:14:10.280 --> 00:14:12.859 to be in a US bank. 00:14:12.890 --> 00:14:14.319 So my understanding 00:14:14.320 --> 00:14:15.010 from the last 00:14:15.010 --> 00:14:15.629 headline is the 00:14:15.629 --> 00:14:17.489 UAE is now cut off 00:14:18.259 --> 00:14:19.300 trading with Iran. 00:14:20.149 --> 00:14:22.129 So that is enormous 00:14:22.140 --> 00:14:22.879 because that was 00:14:22.879 --> 00:14:24.549 an important… But 00:14:25.669 --> 00:14:26.910 part of this is y- 00:14:27.259 --> 00:14:28.400 you can enforce some 00:14:28.400 --> 00:14:29.480 of this if you have 00:14:29.519 --> 00:14:31.340 the sea routes, but 00:14:31.340 --> 00:14:32.150 the more they build 00:14:32.150 --> 00:14:33.009 the land bridge, 00:14:33.019 --> 00:14:34.449 and that's the land 00:14:34.449 --> 00:14:35.589 bridge between Iran 00:14:35.589 --> 00:14:37.009 now and China is what 00:14:37.039 --> 00:14:38.159 is threatening the 00:14:38.159 --> 00:14:39.969 whole model, right? 00:14:40.489 --> 00:14:40.709 Oh, yeah. 00:14:40.719 --> 00:14:41.079 But, 00:14:41.390 --> 00:14:42.379 But you can't ship as 00:14:42.379 --> 00:14:43.319 much by land as you 00:14:43.319 --> 00:14:44.169 can by sea, though, 00:14:44.229 --> 00:14:44.419 true? 00:14:44.429 --> 00:14:45.129 Exactly. 00:14:45.229 --> 00:14:45.849 Exactly. 00:14:45.860 --> 00:14:46.739 So they're nowhere 00:14:46.739 --> 00:14:47.889 near the ability to 00:14:47.890 --> 00:14:48.939 ship what they need. 00:14:49.349 --> 00:14:49.970 But here's what 00:14:49.970 --> 00:14:50.809 China has said. 00:14:50.809 --> 00:14:52.899 China has said that 00:14:52.909 --> 00:14:53.699 what we are doing 00:14:53.699 --> 00:14:54.569 is in violation 00:14:54.569 --> 00:14:55.280 of international 00:14:55.280 --> 00:14:56.429 law, number one, 00:14:56.959 --> 00:14:58.009 and number two, I 00:14:58.009 --> 00:14:59.169 believe for many of 00:14:59.169 --> 00:15:00.349 its oil companies 00:15:00.349 --> 00:15:01.509 and sh- shipping 00:15:01.509 --> 00:15:02.850 companies and banks, 00:15:03.229 --> 00:15:04.870 it's illegal to obey 00:15:04.870 --> 00:15:05.979 the US sanctions. 00:15:06.989 --> 00:15:08.029 So you're talking 00:15:08.030 --> 00:15:11.149 about a real, And 00:15:11.149 --> 00:15:11.959 I don't think we 00:15:11.959 --> 00:15:13.129 have the economic 00:15:13.129 --> 00:15:14.559 clout to just really 00:15:14.569 --> 00:15:15.609 enforce completely 00:15:15.610 --> 00:15:16.209 against them. 00:15:16.720 --> 00:15:18.270 So exactly how 00:15:18.270 --> 00:15:18.769 this is gonna 00:15:18.769 --> 00:15:19.509 work, I don't know. 00:15:19.509 --> 00:15:20.719 But here's what you 00:15:20.720 --> 00:15:21.399 need to understand. 00:15:21.409 --> 00:15:22.290 The whole sanction 00:15:22.290 --> 00:15:25.189 regime depends 00:15:25.190 --> 00:15:26.199 on enormous number 00:15:26.199 --> 00:15:27.349 of waivers and 00:15:27.349 --> 00:15:29.159 exemptions, many 00:15:29.159 --> 00:15:29.549 of which are 00:15:29.549 --> 00:15:32.092 secret Right? 00:15:32.482 --> 00:15:32.752 So- 00:15:32.762 --> 00:15:33.112 Yes. 00:15:33.142 --> 00:15:33.872 Yeah, that's a 00:15:33.872 --> 00:15:34.662 very good point. 00:15:34.752 --> 00:15:34.992 Yes. 00:15:35.002 --> 00:15:37.262 So they can say that 00:15:37.262 --> 00:15:37.982 we're sanctioning 00:15:37.992 --> 00:15:39.222 China, but then 00:15:39.222 --> 00:15:39.872 they can issue 00:15:39.872 --> 00:15:40.782 an endless series 00:15:40.782 --> 00:15:41.682 of secret waivers 00:15:41.682 --> 00:15:42.371 and exemptions, 00:15:42.372 --> 00:15:42.951 and we don't know 00:15:42.952 --> 00:15:43.632 what they are. 00:15:45.452 --> 00:15:45.991 So this 00:15:45.992 --> 00:15:46.772 is a very- Which, 00:15:46.772 --> 00:15:46.832 that, which if you 00:15:46.832 --> 00:15:47.652 think about that 00:15:48.012 --> 00:15:48.881 that's that's 00:15:48.902 --> 00:15:50.252 backdooring a monarch 00:15:50.281 --> 00:15:51.081 into your system. 00:15:51.961 --> 00:15:52.551 Because what you're 00:15:52.551 --> 00:15:53.362 doing is saying, "I'm 00:15:53.362 --> 00:15:55.281 the king." we have 00:15:55.281 --> 00:15:55.992 all these, we have 00:15:55.992 --> 00:15:56.781 all these… Everybo- 00:15:56.812 --> 00:15:57.761 everything's banned. 00:15:58.131 --> 00:15:58.592 That's the 00:15:58.621 --> 00:15:59.532 Amer- the law. 00:16:00.211 --> 00:16:00.722 And then you have 00:16:00.722 --> 00:16:01.562 all the exemptions, 00:16:01.562 --> 00:16:02.012 and that's the 00:16:02.012 --> 00:16:02.802 king picking 00:16:02.802 --> 00:16:03.761 winners and losers. 00:16:04.322 --> 00:16:05.182 That's the deals. 00:16:05.211 --> 00:16:06.091 But if you're 00:16:06.092 --> 00:16:06.742 gonna get rare 00:16:06.742 --> 00:16:07.561 earth minerals 00:16:07.561 --> 00:16:09.211 from China, right? 00:16:10.574 --> 00:16:11.294 You're gonna let 00:16:11.304 --> 00:16:12.363 oil get through 00:16:12.904 --> 00:16:13.123 Yeah. 00:16:13.144 --> 00:16:13.804 Ultimately these 00:16:13.814 --> 00:16:14.584 sanctions, which 00:16:14.584 --> 00:16:15.233 are part of the 00:16:15.233 --> 00:16:16.464 war, depend on your 00:16:16.464 --> 00:16:17.524 ability to win a 00:16:17.524 --> 00:16:19.353 war, and if you can't 00:16:19.353 --> 00:16:21.503 win a war, I got 00:16:21.503 --> 00:16:22.284 bad news for you. 00:16:23.164 --> 00:16:23.954 Your sanctions aren't 00:16:24.123 --> 00:16:25.084 gonna work for you. 00:16:25.623 --> 00:16:26.603 Nothing's gonna work. 00:16:26.843 --> 00:16:27.673 I would consider 00:16:27.674 --> 00:16:28.363 these Swiss 00:16:28.363 --> 00:16:29.513 cheese sanctions. 00:16:29.603 --> 00:16:30.973 It's just we can't 00:16:31.113 --> 00:16:32.113 see very clearly 00:16:32.113 --> 00:16:32.944 where the holes are. 00:16:33.953 --> 00:16:34.713 I would consider 00:16:34.713 --> 00:16:37.833 them a pretext for 00:16:37.834 --> 00:16:39.093 red taping the US 00:16:39.093 --> 00:16:40.303 into a control grid. 00:16:40.713 --> 00:16:41.913 Yes, absolutely. 00:16:41.923 --> 00:16:41.943 Yeah. 00:16:42.253 --> 00:16:43.544 Because if you 00:16:43.544 --> 00:16:44.414 look at the system 00:16:44.414 --> 00:16:45.233 at Treasury that's 00:16:45.233 --> 00:16:47.024 doing this, that's 00:16:47.024 --> 00:16:48.093 the same system 00:16:48.114 --> 00:16:49.064 essentially that's 00:16:49.064 --> 00:16:49.973 being built to do 00:16:49.973 --> 00:16:50.903 the automatic third 00:16:50.903 --> 00:16:52.054 lock on everybody. 00:16:52.304 --> 00:16:52.603 Yeah. 00:16:54.414 --> 00:16:55.043 This is yet 00:16:55.074 --> 00:16:55.784 another… 00:16:56.173 --> 00:16:58.593 It's COVID 2.0. 00:16:58.603 --> 00:16:59.723 Again, it's you 00:16:59.723 --> 00:17:00.773 called it early on. 00:17:01.773 --> 00:17:02.374 It took me a while 00:17:02.374 --> 00:17:03.113 to see it, but 00:17:03.113 --> 00:17:04.374 it's okay, so 00:17:04.374 --> 00:17:05.293 you're, this is a 00:17:05.303 --> 00:17:08.003 pretext for control. 00:17:10.164 --> 00:17:10.783 I just looked 00:17:10.783 --> 00:17:11.553 at the stats on 00:17:11.553 --> 00:17:12.303 small business 00:17:12.303 --> 00:17:13.353 and small farms. 00:17:13.853 --> 00:17:14.533 Sure enough, 00:17:14.533 --> 00:17:15.263 that's exactly 00:17:15.263 --> 00:17:15.954 what happening, 00:17:15.983 --> 00:17:17.313 same as COVID 1.0. 00:17:17.324 --> 00:17:18.164 You're rolling in a 00:17:18.164 --> 00:17:19.213 lot of small farms 00:17:19.684 --> 00:17:21.313 and small businesses. 00:17:21.794 --> 00:17:22.783 They can't make it 00:17:23.203 --> 00:17:25.074 in given what's 00:17:25.074 --> 00:17:25.564 happening with 00:17:25.564 --> 00:17:26.123 tariffs and a 00:17:26.123 --> 00:17:27.113 variety of things. 00:17:27.533 --> 00:17:28.314 And if you look 00:17:28.314 --> 00:17:28.873 at the corporate 00:17:28.873 --> 00:17:29.634 profits, my 00:17:29.634 --> 00:17:30.713 interpretation is 00:17:31.103 --> 00:17:32.353 it's a largesse of 00:17:32.353 --> 00:17:33.493 fiscal stimulus. 00:17:33.544 --> 00:17:33.874 Yeah. 00:17:33.883 --> 00:17:34.543 So again, the 00:17:34.544 --> 00:17:35.494 monarch is picking 00:17:35.494 --> 00:17:36.403 winners and losers, 00:17:36.404 --> 00:17:37.073 so to speak. 00:17:38.373 --> 00:17:38.994 The monarch's 00:17:38.994 --> 00:17:39.563 been picking the 00:17:39.563 --> 00:17:40.713 winners and losers. 00:17:41.273 --> 00:17:41.973 That's what got 00:17:41.974 --> 00:17:43.603 me off the couch 00:17:43.614 --> 00:17:44.353 into the game. 00:17:44.353 --> 00:17:44.894 It's like 00:17:45.703 --> 00:17:46.583 the bailouts- 00:17:47.294 --> 00:17:48.163 Which was straight 00:17:48.173 --> 00:17:48.983 up picking winners 00:17:48.993 --> 00:17:49.633 and losers. 00:17:50.974 --> 00:17:51.523 When you're paying 00:17:51.533 --> 00:17:52.623 AIG, Wall Street 00:17:52.623 --> 00:17:53.473 counterparties 100 00:17:53.473 --> 00:17:54.264 cents on the dollar, 00:17:54.264 --> 00:17:54.793 and you're paying 00:17:54.794 --> 00:17:55.703 Main Street insurance 00:17:55.703 --> 00:17:57.163 counterparties 30 00:17:57.163 --> 00:17:57.203 cents on the dollar, 00:17:57.203 --> 00:17:57.563 you're picking 00:17:57.563 --> 00:17:58.463 winners and losers. 00:17:58.754 --> 00:17:59.354 And they can borrow 00:17:59.354 --> 00:18:01.043 money at 0 to 1%, 00:18:01.093 --> 00:18:02.053 and Americans are 00:18:02.053 --> 00:18:04.274 paying 17 to 30%. 00:18:05.103 --> 00:18:05.323 Yeah. 00:18:05.364 --> 00:18:07.023 That's… So it's 00:18:07.023 --> 00:18:07.704 really funny. 00:18:08.033 --> 00:18:10.143 So starting in 1998, 00:18:10.184 --> 00:18:11.033 as I started to 00:18:11.033 --> 00:18:11.814 write and explain 00:18:11.814 --> 00:18:12.854 things, I kept saying 00:18:13.693 --> 00:18:14.803 technology's not 00:18:14.803 --> 00:18:16.264 creating inequality. 00:18:17.294 --> 00:18:18.633 The tax policy and 00:18:18.633 --> 00:18:19.743 fiscal policy and 00:18:19.743 --> 00:18:20.933 monetary policy is 00:18:20.934 --> 00:18:22.074 creating inequality, 00:18:22.443 --> 00:18:23.623 and it's engineered. 00:18:23.654 --> 00:18:24.763 This is a plan. 00:18:24.934 --> 00:18:25.234 Yeah. 00:18:26.003 --> 00:18:26.953 And enforcement 00:18:26.953 --> 00:18:27.823 policy too. 00:18:28.553 --> 00:18:29.314 And I kept saying 00:18:29.314 --> 00:18:31.213 it so in off and on 00:18:31.213 --> 00:18:32.053 over the years I've 00:18:32.053 --> 00:18:32.724 written about it. 00:18:33.213 --> 00:18:34.473 Paul Krugman, you'll 00:18:34.484 --> 00:18:35.214 be glad to know, 00:18:35.214 --> 00:18:35.914 just came out with 00:18:35.914 --> 00:18:36.843 a big Substack 00:18:36.853 --> 00:18:38.123 presentation saying 00:18:38.663 --> 00:18:39.573 technology isn't 00:18:39.574 --> 00:18:40.913 causing inequality, 00:18:41.184 --> 00:18:42.063 it's policy. 00:18:44.245 --> 00:18:44.636 And I said- Gee, 00:18:44.636 --> 00:18:45.055 thank, thanks, Paul 00:18:45.065 --> 00:18:46.136 "Really, Paul? 20, 00:18:46.295 --> 00:18:47.755 27 years later." 00:18:47.995 --> 00:18:48.285 Yeah. 00:18:48.525 --> 00:18:48.545 Wow. 00:18:49.325 --> 00:18:49.825 Wow. 00:18:51.575 --> 00:18:51.765 I couldn't 00:18:51.765 --> 00:18:52.285 believe it. 00:18:52.315 --> 00:18:52.876 He did it with 00:18:52.876 --> 00:18:53.575 a straight face. 00:18:53.575 --> 00:18:53.775 It's 00:18:53.885 --> 00:18:54.575 incredible. 00:18:54.936 --> 00:18:55.426 Yeah. 00:18:56.295 --> 00:18:56.366 Yeah. 00:18:56.836 --> 00:18:57.775 Let's keep it going 00:18:57.775 --> 00:18:58.785 though with losing 00:18:58.785 --> 00:18:59.745 the war b- because 00:18:59.745 --> 00:19:01.705 it does seem… I 00:19:01.706 --> 00:19:03.856 ask myself are we 00:19:03.856 --> 00:19:05.115 losing on purpose? 00:19:07.295 --> 00:19:08.166 I… Anyway. 00:19:08.245 --> 00:19:09.245 Look, here's a 00:19:09.245 --> 00:19:09.745 Simplicious story. 00:19:09.745 --> 00:19:10.106 You have to ask. 00:19:10.106 --> 00:19:10.635 You have to ask. 00:19:10.665 --> 00:19:11.785 You do have to ask. 00:19:12.045 --> 00:19:12.475 You do have to ask. 00:19:12.485 --> 00:19:12.515 Let's look at 00:19:12.515 --> 00:19:13.086 Simplicious. 00:19:13.095 --> 00:19:13.885 This is my story 00:19:13.885 --> 00:19:14.205 of the week. 00:19:14.336 --> 00:19:14.955 I'll show you why. 00:19:15.725 --> 00:19:16.635 The true extent 00:19:16.665 --> 00:19:17.375 of fallout from 00:19:17.375 --> 00:19:18.405 the US's defeat 00:19:18.415 --> 00:19:19.395 in Iran is still 00:19:19.406 --> 00:19:20.295 being processed. 00:19:20.746 --> 00:19:21.555 He bats leadoff 00:19:21.566 --> 00:19:22.206 with a Wall Street 00:19:22.206 --> 00:19:23.296 Journal story about 00:19:23.296 --> 00:19:24.555 warnings about the 00:19:24.555 --> 00:19:26.045 war's outcome coming 00:19:26.636 --> 00:19:27.535 way before the war 00:19:27.545 --> 00:19:28.245 was ever started. 00:19:28.735 --> 00:19:29.685 That story describes 00:19:29.686 --> 00:19:30.235 how Netanyahu 00:19:30.375 --> 00:19:31.815 reassured Trump 00:19:31.816 --> 00:19:32.815 that Iran was at 00:19:32.816 --> 00:19:33.475 its weakest point 00:19:33.476 --> 00:19:34.975 in decades, while 00:19:34.976 --> 00:19:35.925 Trump's internal 00:19:35.925 --> 00:19:37.575 intel analysis by 00:19:37.816 --> 00:19:38.756 Tulsi Gabbard in the 00:19:38.756 --> 00:19:40.696 DNI warned him that 00:19:40.875 --> 00:19:41.915 killing Khamenei 00:19:42.456 --> 00:19:43.995 would merely install 00:19:44.035 --> 00:19:45.315 a much more hardline 00:19:45.315 --> 00:19:46.825 figure in Iran who 00:19:46.825 --> 00:19:48.515 would rush to close 00:19:48.536 --> 00:19:49.326 the Strait of Hormuz. 00:19:49.335 --> 00:19:49.785 That's what you're 00:19:49.786 --> 00:19:50.465 gonna get if you 00:19:50.466 --> 00:19:52.045 kill Khamenei. 00:19:52.055 --> 00:19:52.686 You're gonna get 00:19:52.725 --> 00:19:53.175 the closure of the 00:19:53.176 --> 00:19:54.005 Strait of Hormuz. 00:19:54.825 --> 00:19:55.475 The article goes 00:19:55.475 --> 00:19:56.455 on to detail how 00:19:56.475 --> 00:19:56.765 Trump hubristically 00:19:56.765 --> 00:19:58.506 gloated over killing 00:19:58.506 --> 00:19:59.415 Khamenei, only to 00:19:59.415 --> 00:20:00.805 see all of the DNI's 00:20:00.835 --> 00:20:02.585 predictions play out 00:20:02.606 --> 00:20:03.595 in the strait close. 00:20:04.295 --> 00:20:05.165 Iran war caused 00:20:05.176 --> 00:20:06.316 billions of damages 00:20:06.426 --> 00:20:07.496 to, here we go, 00:20:07.536 --> 00:20:09.496 irreplaceable US 00:20:09.496 --> 00:20:10.615 intelligence sites, 00:20:11.176 --> 00:20:11.755 which include 00:20:11.755 --> 00:20:12.205 surveillance 00:20:12.206 --> 00:20:13.156 equipment, CIA 00:20:13.156 --> 00:20:13.956 stations, radar 00:20:13.956 --> 00:20:14.855 networks, and 00:20:15.545 --> 00:20:16.425 dead soldiers. 00:20:16.685 --> 00:20:17.186 They don't say 00:20:17.186 --> 00:20:17.965 that, but that's 00:20:18.515 --> 00:20:19.346 what's going on. 00:20:19.956 --> 00:20:20.745 Iran inflicted 00:20:20.746 --> 00:20:21.515 billions of damage. 00:20:21.525 --> 00:20:22.605 It's not… But it, 00:20:22.615 --> 00:20:23.655 the, it's not really 00:20:23.665 --> 00:20:24.945 a money problem. 00:20:24.945 --> 00:20:25.275 The problem's 00:20:25.275 --> 00:20:25.786 not money. 00:20:26.645 --> 00:20:27.275 And you get all these 00:20:27.275 --> 00:20:28.165 stories talking about 00:20:28.165 --> 00:20:28.735 how the problem… 00:20:28.746 --> 00:20:29.605 The new reports 00:20:29.605 --> 00:20:30.705 that the US Navy is 00:20:30.706 --> 00:20:31.645 running out of funds. 00:20:31.645 --> 00:20:32.275 No, it's not. 00:20:32.295 --> 00:20:33.156 It can print money. 00:20:33.625 --> 00:20:34.345 The US military 00:20:34.345 --> 00:20:35.346 ran into a severe 00:20:35.355 --> 00:20:36.255 financial crisis. 00:20:36.255 --> 00:20:36.796 No, it didn't. 00:20:37.456 --> 00:20:38.055 Experts and 00:20:38.055 --> 00:20:38.735 former officials 00:20:38.735 --> 00:20:39.365 say the accounts 00:20:39.365 --> 00:20:39.725 are running dry. 00:20:39.746 --> 00:20:40.475 "The piggy bank 00:20:40.475 --> 00:20:41.485 is broken," say 00:20:41.485 --> 00:20:42.145 the experts. 00:20:42.145 --> 00:20:42.525 That's not 00:20:42.535 --> 00:20:43.085 true either. 00:20:44.115 --> 00:20:44.855 This is true. 00:20:45.185 --> 00:20:45.935 This part here 00:20:45.935 --> 00:20:46.875 is dead-on. 00:20:46.985 --> 00:20:48.425 The US military is 00:20:48.445 --> 00:20:49.595 looking increasingly 00:20:49.595 --> 00:20:50.036 run-down. 00:20:50.036 --> 00:20:50.655 If you see these 00:20:50.675 --> 00:20:51.285 pictures of the 00:20:51.285 --> 00:20:51.776 ships- Right 00:20:52.105 --> 00:20:52.905 these big carriers, 00:20:52.905 --> 00:20:53.535 they look like 00:20:53.995 --> 00:20:55.285 Tugboat Willie 00:20:55.555 --> 00:20:56.725 the rust bucket 00:20:57.015 --> 00:20:57.535 in the middle. 00:20:57.545 --> 00:20:58.765 They look terrible. 00:20:59.456 --> 00:21:00.805 But this is what's 00:21:00.805 --> 00:21:01.225 going… And then 00:21:01.226 --> 00:21:01.886 they get to Kagan. 00:21:01.896 --> 00:21:03.085 Suddenly, ever the 00:21:03.085 --> 00:21:04.015 busy bee, Robert 00:21:04.045 --> 00:21:04.775 Kagan, here he 00:21:04.775 --> 00:21:05.326 is, ladies and 00:21:05.326 --> 00:21:06.735 gentlemen, has 00:21:06.756 --> 00:21:07.725 penned another piece 00:21:07.735 --> 00:21:08.336 for The Atlantic. 00:21:08.336 --> 00:21:09.465 The guy who got us 00:21:09.485 --> 00:21:10.625 into all these wars 00:21:10.625 --> 00:21:11.865 to begin with, Mr. 00:21:12.465 --> 00:21:13.975 Terror, is here to 00:21:14.015 --> 00:21:15.906 tell us this: "Iran 00:21:15.906 --> 00:21:16.755 has gone head-to-head 00:21:16.765 --> 00:21:17.776 with the US and 00:21:17.786 --> 00:21:19.655 Israel, completely 00:21:19.655 --> 00:21:20.396 reconfigured the 00:21:20.396 --> 00:21:21.275 power structure of 00:21:21.275 --> 00:21:22.035 the Middle East and 00:21:22.075 --> 00:21:23.465 the Persian Gulf. The 00:21:23.465 --> 00:21:24.475 dominant power in the 00:21:24.485 --> 00:21:25.545 region going forward 00:21:25.545 --> 00:21:27.395 will be Iran, not 00:21:27.405 --> 00:21:28.555 the US or Israel," 00:21:28.555 --> 00:21:29.235 writes Kagan. 00:21:29.805 --> 00:21:30.675 "Iranian missiles 00:21:30.676 --> 00:21:31.805 and drones could 00:21:31.805 --> 00:21:32.425 inflict enough 00:21:32.426 --> 00:21:33.466 damage on the oil and 00:21:33.466 --> 00:21:34.595 gas infrastructure 00:21:34.975 --> 00:21:35.885 of the Gulf to 00:21:35.885 --> 00:21:37.005 plunge the world 00:21:37.015 --> 00:21:38.225 into a prolonged 00:21:38.265 --> 00:21:39.575 economic crisis." 00:21:40.502 --> 00:21:41.362 Just as all 00:21:41.372 --> 00:21:42.052 these red tape 00:21:42.052 --> 00:21:42.942 restrictions have 00:21:42.942 --> 00:21:44.102 snapped into place. 00:21:44.102 --> 00:21:44.742 How about that? 00:21:47.264 --> 00:21:47.573 I don't know. 00:21:47.573 --> 00:21:48.144 I can't get 00:21:48.144 --> 00:21:48.833 over Kagan. 00:21:52.864 --> 00:21:53.244 To me- What's 00:21:53.244 --> 00:21:53.854 the opposite 00:21:53.854 --> 00:21:57.024 of zero zero 00:21:57.094 --> 00:21:58.174 capability of taking 00:21:58.174 --> 00:21:59.043 responsibility? 00:21:59.083 --> 00:21:59.863 What, what's- 00:22:01.393 --> 00:22:01.614 I don't 00:22:01.614 --> 00:22:01.674 know … what's 00:22:01.674 --> 00:22:02.333 the word for that? 00:22:05.002 --> 00:22:05.972 I don't… Even 00:22:05.972 --> 00:22:06.492 the prodigal 00:22:06.492 --> 00:22:07.342 son came home. 00:22:08.172 --> 00:22:08.602 I don't know 00:22:10.990 --> 00:22:12.080 It's he's, it's 00:22:12.080 --> 00:22:13.580 just h- what gets 00:22:13.580 --> 00:22:16.940 me is why are we why 00:22:16.940 --> 00:22:18.050 are we stuck on the 00:22:18.050 --> 00:22:19.000 Hillarys and the 00:22:19.000 --> 00:22:20.110 Robert Kagans and the 00:22:20.110 --> 00:22:20.999 Jeffrey Sachses and 00:22:21.000 --> 00:22:21.550 the… These people 00:22:21.550 --> 00:22:22.479 have a track record 00:22:23.080 --> 00:22:24.619 of being totally 00:22:24.620 --> 00:22:26.720 wrong all the time. 00:22:27.810 --> 00:22:28.289 They've been right 00:22:28.289 --> 00:22:29.150 about nothing, and 00:22:29.150 --> 00:22:30.059 you go back to them 00:22:30.920 --> 00:22:31.909 again and again to 00:22:31.910 --> 00:22:32.669 get their opinion. 00:22:33.259 --> 00:22:35.549 But I think if you 00:22:35.549 --> 00:22:36.420 look at whoever is 00:22:36.420 --> 00:22:37.860 running COVID 2.0, 00:22:38.589 --> 00:22:39.499 I think if you look 00:22:39.500 --> 00:22:40.149 at who's running 00:22:40.150 --> 00:22:42.440 that somewhere down 00:22:42.440 --> 00:22:43.259 in the bowels of the 00:22:43.260 --> 00:22:45.049 CIA or ONI, there's 00:22:45.049 --> 00:22:45.690 somebody running 00:22:45.690 --> 00:22:46.389 that who's really 00:22:46.389 --> 00:22:47.909 smart, who knows 00:22:47.909 --> 00:22:48.550 what they're doing. 00:22:48.560 --> 00:22:49.190 They're flipping 00:22:49.190 --> 00:22:50.009 from an open model 00:22:50.010 --> 00:22:50.919 to a closed model. 00:22:51.639 --> 00:22:52.179 It's a huge 00:22:52.179 --> 00:22:52.869 operation. 00:22:52.869 --> 00:22:54.189 It takes many years. 00:22:54.929 --> 00:22:55.769 I just think 00:22:56.010 --> 00:22:57.229 they're busy, and 00:22:57.240 --> 00:22:58.570 they field people 00:22:58.570 --> 00:23:00.910 like Kagan and 00:23:00.910 --> 00:23:02.349 Clinton to basically 00:23:02.350 --> 00:23:02.919 do yakkity-yak, 00:23:02.929 --> 00:23:04.339 yakkity-yak on the 00:23:04.339 --> 00:23:05.249 Sunday shows and keep 00:23:05.249 --> 00:23:06.419 everybody distracted 00:23:07.289 --> 00:23:08.470 with a story that's 00:23:08.470 --> 00:23:09.270 very different. 00:23:09.970 --> 00:23:10.669 They're not saying, 00:23:10.670 --> 00:23:11.370 "Look, here's what 00:23:11.370 --> 00:23:11.880 we're gonna do. 00:23:11.900 --> 00:23:12.530 We're gonna flip 00:23:12.530 --> 00:23:13.480 from an open model 00:23:13.480 --> 00:23:14.360 to a closed model, 00:23:14.360 --> 00:23:15.000 and we're gonna try 00:23:15.000 --> 00:23:15.920 and control energy 00:23:15.920 --> 00:23:16.629 worldwide by-" Yeah 00:23:16.629 --> 00:23:17.570 sabotaging it here. 00:23:17.899 --> 00:23:18.640 They're n- and 00:23:18.640 --> 00:23:19.859 we're gonna make sure 00:23:20.259 --> 00:23:21.649 that all the insider 00:23:21.649 --> 00:23:22.590 companies get the 00:23:22.590 --> 00:23:23.469 right deals and are 00:23:23.469 --> 00:23:24.970 doing… That's a 00:23:24.970 --> 00:23:26.240 complete description 00:23:26.240 --> 00:23:28.539 of the whole fairy 00:23:28.539 --> 00:23:29.709 tale of what the US 00:23:29.710 --> 00:23:30.589 is and how it's run. 00:23:31.049 --> 00:23:31.609 Th- they're not gonna 00:23:31.609 --> 00:23:32.569 say any of that. 00:23:32.579 --> 00:23:34.030 They but they need 00:23:34.030 --> 00:23:35.069 people like Kagan and 00:23:35.070 --> 00:23:36.229 Clinton to go out and 00:23:36.820 --> 00:23:38.979 justify and give air 00:23:38.979 --> 00:23:41.430 cover to essentially 00:23:41.430 --> 00:23:42.400 engineering all 00:23:42.400 --> 00:23:43.189 the profits and 00:23:43.189 --> 00:23:44.149 money into a, 00:23:44.310 --> 00:23:45.510 into the insiders. 00:23:46.009 --> 00:23:46.240 Yeah. 00:23:46.530 --> 00:23:47.359 Yeah, people, when 00:23:47.369 --> 00:23:48.309 you say people like 00:23:48.310 --> 00:23:49.389 Kagan and Clinton and 00:23:49.390 --> 00:23:50.069 Jeffrey Sachs and all 00:23:50.069 --> 00:23:50.479 these people, what 00:23:50.479 --> 00:23:51.430 you mean is people 00:23:51.430 --> 00:23:53.020 who will say anything 00:23:53.619 --> 00:23:54.599 they're told to say. 00:23:57.174 --> 00:23:57.754 Anything. 00:23:58.104 --> 00:23:58.644 No matter what 00:23:58.644 --> 00:23:59.124 their track re- 00:23:59.164 --> 00:23:59.914 they will say it. 00:24:00.624 --> 00:24:01.494 Unless in Hillary's 00:24:01.494 --> 00:24:02.124 case, she won't 00:24:02.124 --> 00:24:03.504 say Putin's a 00:24:03.504 --> 00:24:04.184 good guy, but 00:24:05.594 --> 00:24:06.714 But when I told 00:24:06.714 --> 00:24:07.403 you before, when I 00:24:07.404 --> 00:24:08.363 was in Washington 00:24:08.724 --> 00:24:09.593 I'm lacking up the 00:24:09.594 --> 00:24:11.174 budget, and so I'm 00:24:11.174 --> 00:24:11.873 seeing what the 00:24:11.874 --> 00:24:13.104 real policies are. 00:24:13.443 --> 00:24:14.153 And then you get on 00:24:14.154 --> 00:24:14.914 the Sunday shows, 00:24:14.914 --> 00:24:16.324 and it's like yakety 00:24:16.324 --> 00:24:17.683 yak, and it's like 00:24:17.693 --> 00:24:18.554 story land that 00:24:18.554 --> 00:24:19.343 keeps everybody… 00:24:19.943 --> 00:24:20.904 It's entertainment 00:24:20.904 --> 00:24:21.474 for serious 00:24:21.474 --> 00:24:22.164 intellectuals. 00:24:22.164 --> 00:24:22.393 Do you know 00:24:22.394 --> 00:24:22.864 what I mean? 00:24:23.294 --> 00:24:24.083 But it has nothing 00:24:24.083 --> 00:24:25.063 to do with reality 00:24:25.064 --> 00:24:25.664 of what's really 00:24:25.664 --> 00:24:26.573 happening over here. 00:24:27.153 --> 00:24:27.543 No. 00:24:28.743 --> 00:24:29.824 So- No … and 00:24:29.834 --> 00:24:30.354 I think what's 00:24:30.354 --> 00:24:30.984 happening over here 00:24:30.984 --> 00:24:32.724 is COVID 2.0 and 00:24:32.724 --> 00:24:33.723 flipping to a closed 00:24:33.724 --> 00:24:35.283 model using energy, 00:24:35.584 --> 00:24:36.683 particularly refined 00:24:36.683 --> 00:24:37.433 energy, so it's 00:24:37.433 --> 00:24:38.544 gonna be diesel and 00:24:38.553 --> 00:24:39.553 jet fuel that is 00:24:39.564 --> 00:24:41.323 the real controller 00:24:41.794 --> 00:24:43.773 and and LNG. 00:24:43.823 --> 00:24:45.224 And over here, 00:24:45.233 --> 00:24:46.033 these guys are 00:24:46.033 --> 00:24:47.034 playing all sorts of 00:24:47.034 --> 00:24:48.053 justification that 00:24:48.053 --> 00:24:49.643 still have you in the 00:24:51.044 --> 00:24:52.083 in a framework of 00:24:52.083 --> 00:24:53.203 national sovereignty. 00:24:54.283 --> 00:24:54.563 Yeah. 00:24:56.683 --> 00:24:57.293 And we haven't even 00:24:57.294 --> 00:24:58.754 gotten to really 00:24:59.634 --> 00:25:01.244 yet the food part of 00:25:01.244 --> 00:25:03.699 this Because d- when 00:25:03.699 --> 00:25:04.370 you said diesel, it 00:25:04.370 --> 00:25:05.879 reminded me diesel 00:25:06.090 --> 00:25:06.870 Fertilizer. 00:25:08.210 --> 00:25:09.030 You're talking food. 00:25:09.540 --> 00:25:10.580 So somebody sent me 00:25:10.580 --> 00:25:11.439 a tweet, I didn't go 00:25:11.439 --> 00:25:12.490 in and check it, of 00:25:12.509 --> 00:25:14.810 the Iranian embassy, 00:25:14.850 --> 00:25:15.619 I forget in which 00:25:15.620 --> 00:25:16.959 country, some… The 00:25:16.960 --> 00:25:17.889 Iranian embassy in 00:25:17.889 --> 00:25:18.759 some country putting 00:25:18.759 --> 00:25:19.689 out a picture of a 00:25:19.689 --> 00:25:22.520 sculpture of two 00:25:22.529 --> 00:25:23.689 bottles, one being 00:25:23.709 --> 00:25:24.679 Pepsi and one being 00:25:24.679 --> 00:25:25.409 Coke, that kind 00:25:25.409 --> 00:25:26.439 of flip around. 00:25:27.869 --> 00:25:28.379 And they made 00:25:28.379 --> 00:25:29.280 a comment about 00:25:29.629 --> 00:25:31.289 sort of Democrats 00:25:31.289 --> 00:25:32.459 versus Republicans. 00:25:33.970 --> 00:25:35.129 It is the Uniparty. 00:25:35.589 --> 00:25:35.849 Yep. 00:25:36.479 --> 00:25:36.929 We'll see the 00:25:36.929 --> 00:25:38.179 Uniparty… Just 00:25:38.179 --> 00:25:39.689 last night Iran 00:25:40.149 --> 00:25:40.909 killed a bunch of 00:25:40.909 --> 00:25:41.939 Marines in Jordan, 00:25:41.999 --> 00:25:43.839 bombed a base in 00:25:43.839 --> 00:25:44.449 Jordan, killed a 00:25:44.449 --> 00:25:45.209 bunch of Marines in 00:25:45.209 --> 00:25:47.549 response to the US 00:25:47.589 --> 00:25:48.840 bombing, get this, 00:25:48.899 --> 00:25:50.379 this is US, Donald 00:25:50.419 --> 00:25:51.300 Trump, the president, 00:25:51.310 --> 00:25:51.969 the Republican 00:25:51.969 --> 00:25:52.689 president, bombing 00:25:52.699 --> 00:25:53.479 a wedding party. 00:25:54.209 --> 00:25:54.729 Hey, where does 00:25:54.729 --> 00:25:55.350 that sound familiar? 00:25:55.369 --> 00:25:55.850 Oh, that's right, 00:25:55.850 --> 00:25:56.459 that's what Obama 00:25:56.490 --> 00:25:57.189 did in Yemen. 00:25:57.589 --> 00:25:58.219 What is it with… 00:25:58.240 --> 00:25:59.049 What is our jones 00:25:59.049 --> 00:25:59.999 with foreign 00:25:59.999 --> 00:26:00.669 wedding parties? 00:26:00.679 --> 00:26:01.089 I don't understand. 00:26:01.100 --> 00:26:01.319 I don't 00:26:01.319 --> 00:26:01.599 know. 00:26:01.909 --> 00:26:02.059 I, 00:26:02.060 --> 00:26:02.539 I don't know. 00:26:02.549 --> 00:26:03.389 And schoolgirls and 00:26:03.389 --> 00:26:03.879 s- and children. 00:26:04.449 --> 00:26:04.960 I don't know. 00:26:05.689 --> 00:26:05.819 We're 00:26:05.819 --> 00:26:05.844 trying- 00:26:05.844 --> 00:26:05.919 But it is 00:26:05.919 --> 00:26:05.969 the Uniparty. 00:26:06.089 --> 00:26:07.810 The Uniparty is 00:26:07.810 --> 00:26:08.520 a sick pup. 00:26:09.330 --> 00:26:10.289 The Congress 00:26:10.690 --> 00:26:11.689 appropriated all 00:26:11.690 --> 00:26:12.389 the money that 00:26:12.389 --> 00:26:13.429 has funded this. 00:26:13.940 --> 00:26:14.599 The Congress has 00:26:14.599 --> 00:26:15.439 funded all the 00:26:15.440 --> 00:26:16.779 money all along. 00:26:17.059 --> 00:26:17.689 Congress is 00:26:17.690 --> 00:26:18.619 the one that 00:26:18.800 --> 00:26:19.870 approved Hegseth. 00:26:20.800 --> 00:26:21.289 This is all 00:26:21.289 --> 00:26:23.379 Congress, right? 00:26:23.709 --> 00:26:24.139 Yep. 00:26:24.169 --> 00:26:24.669 It is. 00:26:25.440 --> 00:26:25.970 Ultimately 00:26:25.970 --> 00:26:26.700 it is, yep. 00:26:27.039 --> 00:26:27.590 And you ought to 00:26:27.590 --> 00:26:28.589 go to the town hall 00:26:28.589 --> 00:26:29.659 meeting at, during 00:26:29.660 --> 00:26:30.520 the election and ask 00:26:30.520 --> 00:26:31.649 your congressman why 00:26:32.300 --> 00:26:33.189 they funded this. 00:26:33.690 --> 00:26:33.970 Yeah. 00:26:34.609 --> 00:26:34.799 Yeah. 00:26:35.830 --> 00:26:36.220 But let's 00:26:36.220 --> 00:26:36.869 turn to food. 00:26:37.510 --> 00:26:38.110 We're starting to get 00:26:38.120 --> 00:26:39.089 more stories on it. 00:26:39.129 --> 00:26:40.179 US grain farmers 00:26:40.179 --> 00:26:41.279 face worst crisis 00:26:41.300 --> 00:26:42.989 in decades as 00:26:42.989 --> 00:26:43.999 Iran war sends 00:26:43.999 --> 00:26:44.949 costs spiraling. 00:26:46.489 --> 00:26:47.759 They call it… D- 00:26:47.969 --> 00:26:48.719 I wonder if th- I 00:26:48.719 --> 00:26:49.310 wonder if Trump's 00:26:49.310 --> 00:26:50.239 being set up here. 00:26:51.089 --> 00:26:51.819 I see this more 00:26:51.819 --> 00:26:52.339 and more, Donald 00:26:52.339 --> 00:26:53.329 Trump's Iran war. 00:26:53.919 --> 00:26:54.469 Donald Trump's 00:26:54.469 --> 00:26:55.409 Iran war pushes 00:26:55.409 --> 00:26:56.449 grain producers 00:26:56.609 --> 00:26:57.389 to the brink. 00:26:58.159 --> 00:26:59.169 The huge uptick in 00:26:59.169 --> 00:27:00.389 prices for fuel and 00:27:00.389 --> 00:27:01.539 crop nutrients since 00:27:01.539 --> 00:27:02.209 the US launched 00:27:02.209 --> 00:27:02.779 its attack on 00:27:02.779 --> 00:27:03.669 Iran in February 00:27:04.709 --> 00:27:05.640 came with American 00:27:05.640 --> 00:27:06.649 farmers already 00:27:06.649 --> 00:27:08.786 struggling Many 00:27:08.796 --> 00:27:09.706 also see themselves 00:27:09.706 --> 00:27:10.696 as casualties of 00:27:10.696 --> 00:27:11.716 Trump's trade wars. 00:27:12.306 --> 00:27:13.766 Again, Trump's trade 00:27:13.766 --> 00:27:15.735 wars which they 00:27:15.735 --> 00:27:16.656 say have hurt US 00:27:16.656 --> 00:27:18.065 agricultural exports. 00:27:18.675 --> 00:27:19.516 But the adverse 00:27:19.516 --> 00:27:20.875 effects of Trump's 00:27:20.875 --> 00:27:22.055 tariffs are reaching 00:27:22.066 --> 00:27:23.246 greater swaths of 00:27:23.246 --> 00:27:24.615 the US population, 00:27:25.526 --> 00:27:26.296 from working class 00:27:26.296 --> 00:27:26.916 families in big 00:27:26.916 --> 00:27:27.605 cities to rural 00:27:27.606 --> 00:27:28.255 communities in the 00:27:28.255 --> 00:27:29.056 heartland, which 00:27:29.096 --> 00:27:29.656 because they're 00:27:29.866 --> 00:27:30.545 killing food. 00:27:30.995 --> 00:27:32.066 They can't make 00:27:32.096 --> 00:27:33.166 money by planting. 00:27:33.846 --> 00:27:34.646 I told you the story 00:27:34.646 --> 00:27:35.556 of the farmer who had 00:27:35.556 --> 00:27:36.746 stockpiled fertilizer 00:27:36.746 --> 00:27:37.905 and realized he could 00:27:37.905 --> 00:27:38.665 make money selling 00:27:38.665 --> 00:27:39.665 his fertilizer, but 00:27:39.665 --> 00:27:40.146 he couldn't make 00:27:40.146 --> 00:27:40.876 money planting. 00:27:41.255 --> 00:27:41.565 Yeah. 00:27:41.656 --> 00:27:42.366 So he just sold his 00:27:42.366 --> 00:27:43.615 fertilizer, right? 00:27:43.925 --> 00:27:44.595 That was the corn 00:27:45.206 --> 00:27:46.316 the soy and cor- 00:27:46.346 --> 00:27:47.566 and corn s- soybean 00:27:47.566 --> 00:27:48.355 and corn story. 00:27:49.675 --> 00:27:49.895 Yeah. 00:27:53.465 --> 00:27:54.216 It's again, it's 00:27:54.216 --> 00:27:55.516 back to COVID 2.0. 00:27:55.526 --> 00:27:56.165 You are trying 00:27:56.165 --> 00:27:57.045 to consolidate 00:27:57.046 --> 00:27:58.285 the food business 00:27:59.035 --> 00:27:59.895 dramatically. 00:28:00.375 --> 00:28:01.066 I told you I looked 00:28:01.066 --> 00:28:02.115 up the statistics. 00:28:02.145 --> 00:28:03.865 Ten years ago, we 00:28:03.866 --> 00:28:07.645 had 0.32 cattle 00:28:07.645 --> 00:28:08.715 and calves to 00:28:08.725 --> 00:28:09.735 every American. 00:28:10.505 --> 00:28:12.775 Right now it's 0.25, 00:28:12.775 --> 00:28:14.385 so the herds are at 00:28:15.345 --> 00:28:16.305 are way, way down. 00:28:16.485 --> 00:28:16.506 That's a 00:28:16.506 --> 00:28:17.096 big drop. 00:28:17.105 --> 00:28:17.565 That's a quarter- 00:28:17.575 --> 00:28:18.396 That's a big drop 00:28:18.406 --> 00:28:18.636 … 20, 00:28:18.806 --> 00:28:19.206 25%. 00:28:19.206 --> 00:28:19.506 That's a b- 00:28:20.116 --> 00:28:20.476 yeah. 00:28:21.116 --> 00:28:21.446 Yeah. 00:28:22.106 --> 00:28:22.985 But it's- Almost 00:28:22.995 --> 00:28:24.215 … continuing to drop. 00:28:25.145 --> 00:28:25.425 Yeah. 00:28:26.476 --> 00:28:27.545 And I think I sent 00:28:27.546 --> 00:28:28.275 you the thing about 00:28:28.275 --> 00:28:29.205 the Israeli company 00:28:29.205 --> 00:28:29.785 that's making 00:28:29.785 --> 00:28:30.716 lab-grown milk. 00:28:34.126 --> 00:28:37.576 Yeah, that I've… I 00:28:37.576 --> 00:28:38.426 might have averted my 00:28:38.426 --> 00:28:39.266 eyes from that one. 00:28:39.356 --> 00:28:40.936 But let the corn 00:28:40.936 --> 00:28:42.126 and soybean story to 00:28:42.146 --> 00:28:42.925 circle back to that, 00:28:42.935 --> 00:28:43.655 where they're selling 00:28:43.666 --> 00:28:44.556 the fertilizer is 00:28:44.566 --> 00:28:46.106 in other words, I 00:28:46.106 --> 00:28:46.906 forget which it is, I 00:28:46.916 --> 00:28:47.816 think it was soybean. 00:28:48.235 --> 00:28:48.886 They're like, " why 00:28:48.886 --> 00:28:49.485 would we grow 00:28:49.515 --> 00:28:51.575 soybean?" Because we 00:28:51.575 --> 00:28:53.055 need the fertilizer, 00:28:53.456 --> 00:28:54.256 we need the in- an 00:28:54.265 --> 00:28:55.755 input to grow to, to 00:28:55.755 --> 00:28:56.656 produce the output. 00:28:57.095 --> 00:28:57.436 We need the 00:28:57.436 --> 00:28:58.056 fertilizer to 00:28:58.056 --> 00:28:59.065 produce the soybean. 00:29:00.175 --> 00:29:00.806 We can't sell 00:29:00.806 --> 00:29:01.735 the soybean at 00:29:01.735 --> 00:29:02.605 high enough rate. 00:29:02.616 --> 00:29:02.846 We're gonna 00:29:02.856 --> 00:29:03.495 lose money. 00:29:03.495 --> 00:29:04.406 It's a cash flow 00:29:04.406 --> 00:29:04.905 negative proposition. 00:29:04.905 --> 00:29:05.295 They can't, 00:29:05.335 --> 00:29:06.176 they can't plant. 00:29:06.635 --> 00:29:08.215 It's more profitable 00:29:08.216 --> 00:29:09.066 for us, it's 00:29:09.076 --> 00:29:09.845 more economically 00:29:09.845 --> 00:29:10.616 advantageous to 00:29:10.616 --> 00:29:11.965 us to sell the 00:29:11.975 --> 00:29:13.235 input than it is to 00:29:13.236 --> 00:29:14.186 produce the output. 00:29:15.565 --> 00:29:16.896 And that's how? 00:29:17.765 --> 00:29:18.725 So we're just 00:29:18.725 --> 00:29:19.256 not gonna have 00:29:19.256 --> 00:29:20.305 any soybeans? 00:29:20.955 --> 00:29:21.345 I don't know 00:29:21.345 --> 00:29:22.165 what the plan is. 00:29:22.196 --> 00:29:22.945 One of the things 00:29:22.946 --> 00:29:23.965 I will tell you is 00:29:25.925 --> 00:29:27.276 agricultural exports 00:29:27.276 --> 00:29:28.276 used to be one of 00:29:28.276 --> 00:29:29.435 our biggest exports. 00:29:29.565 --> 00:29:30.025 Yeah. 00:29:30.236 --> 00:29:32.435 And this is so 00:29:32.435 --> 00:29:33.425 we are no longer an 00:29:33.435 --> 00:29:34.536 export juggernaut, 00:29:34.565 --> 00:29:35.405 but now we're not 00:29:35.405 --> 00:29:36.876 even energy or food 00:29:37.345 --> 00:29:38.255 self-sufficient, 00:29:38.755 --> 00:29:39.525 we were an energy, 00:29:39.526 --> 00:29:40.296 we were a food 00:29:40.306 --> 00:29:41.536 juggernaut as late 00:29:41.545 --> 00:29:44.415 as 2009, 2010. 00:29:46.245 --> 00:29:47.885 And huge amounts 00:29:47.895 --> 00:29:49.245 of wheat exports, 00:29:49.245 --> 00:29:50.015 cattle exports, 00:29:50.035 --> 00:29:50.465 and all the rest. 00:29:50.765 --> 00:29:51.965 So I wrote Planet 00:29:51.975 --> 00:29:54.276 Har- what was it? 00:29:54.285 --> 00:29:55.365 Global Harvest was 00:29:55.365 --> 00:29:56.395 the wrap-up we did on 00:29:56.395 --> 00:29:57.335 the whole global food 00:29:57.335 --> 00:29:59.035 system, and I think 00:29:59.035 --> 00:29:59.916 I did that in '16 00:29:59.916 --> 00:30:01.586 or '17, and we were 00:30:01.586 --> 00:30:02.695 still a juggernaut. 00:30:03.446 --> 00:30:03.745 Yeah. 00:30:03.895 --> 00:30:04.245 Okay. 00:30:04.295 --> 00:30:05.185 So as late as 00:30:05.185 --> 00:30:05.905 10 years ago. 00:30:06.265 --> 00:30:06.655 Yeah. 00:30:07.245 --> 00:30:07.535 Yeah. 00:30:07.916 --> 00:30:08.856 Yeah, so when you 00:30:08.865 --> 00:30:09.855 have a situation 00:30:09.865 --> 00:30:11.685 where it's better to 00:30:11.755 --> 00:30:12.716 sell the input than 00:30:12.716 --> 00:30:13.655 produce the output, 00:30:14.085 --> 00:30:15.175 and it's food you're 00:30:15.185 --> 00:30:16.815 talking about, that, 00:30:16.846 --> 00:30:17.635 that speaks to a 00:30:17.675 --> 00:30:18.985 serious misallocation 00:30:18.986 --> 00:30:19.465 of capital. 00:30:19.465 --> 00:30:20.356 And I'm sorry, you 00:30:20.356 --> 00:30:22.685 have to point at 00:30:22.685 --> 00:30:23.505 the central bank 00:30:23.705 --> 00:30:24.675 behind all this. 00:30:26.295 --> 00:30:27.115 That's the beginning 00:30:27.115 --> 00:30:27.955 and end of this. 00:30:29.705 --> 00:30:30.355 And that 00:30:30.365 --> 00:30:31.266 misallocation of 00:30:31.266 --> 00:30:32.175 capital has been 00:30:32.175 --> 00:30:33.155 going on since 00:30:33.155 --> 00:30:34.976 the mid-'90s with 00:30:34.976 --> 00:30:37.405 a with a very 00:30:37.825 --> 00:30:38.985 serious intention to 00:30:38.986 --> 00:30:40.205 centralize ownership 00:30:40.205 --> 00:30:40.925 and control. 00:30:41.395 --> 00:30:41.545 Yeah. 00:30:41.745 --> 00:30:42.435 I could even take 00:30:42.435 --> 00:30:42.985 it back to the 00:30:42.986 --> 00:30:43.816 '80s if you look 00:30:43.816 --> 00:30:44.525 at what Volcker 00:30:44.536 --> 00:30:45.225 did to the small 00:30:45.225 --> 00:30:46.536 farmers, and that 00:30:46.536 --> 00:30:47.605 was all intentional. 00:30:48.295 --> 00:30:48.845 So they've been 00:30:48.846 --> 00:30:49.965 trying to consolidate 00:30:49.965 --> 00:30:51.086 ownership of land 00:30:51.105 --> 00:30:52.226 and agricultural 00:30:52.236 --> 00:30:54.025 land for decades. 00:30:54.085 --> 00:30:56.565 And if you look 00:30:56.566 --> 00:30:57.565 at both the monetary 00:30:57.566 --> 00:30:58.345 policy and then 00:30:58.346 --> 00:30:59.405 the fiscal policy, 00:30:59.405 --> 00:31:00.465 this is the plan. 00:31:00.896 --> 00:31:01.935 We have, since 00:31:01.945 --> 00:31:02.726 Trump got in there, 00:31:02.726 --> 00:31:03.776 they have slashed 00:31:03.786 --> 00:31:05.045 so many subsidies 00:31:05.415 --> 00:31:06.826 for food, including 00:31:06.835 --> 00:31:08.665 for the poor and 00:31:08.676 --> 00:31:09.965 for school kids. 00:31:11.045 --> 00:31:11.596 So you're talking 00:31:11.596 --> 00:31:12.466 about massive 00:31:12.466 --> 00:31:14.235 slashing of subsidies 00:31:14.236 --> 00:31:15.335 for food and doing 00:31:15.335 --> 00:31:15.985 all these different 00:31:15.986 --> 00:31:17.086 things that skyrocket 00:31:17.086 --> 00:31:18.016 the price of food. 00:31:19.926 --> 00:31:20.565 The decision 00:31:20.566 --> 00:31:21.065 was made. 00:31:21.325 --> 00:31:22.205 I've cer- per- 00:31:22.265 --> 00:31:23.025 personally saw it 00:31:23.305 --> 00:31:24.786 as the first time 00:31:24.786 --> 00:31:25.635 it, I kinda came 00:31:25.635 --> 00:31:26.565 onto my radar was 00:31:26.615 --> 00:31:27.556 the bailouts with 00:31:28.236 --> 00:31:29.506 you're bailing out 00:31:29.506 --> 00:31:31.542 casinos- And you're 00:31:31.542 --> 00:31:33.062 letting manufacturing 00:31:33.062 --> 00:31:33.752 plants die. 00:31:33.772 --> 00:31:34.602 That's basically 00:31:34.602 --> 00:31:35.062 the decision 00:31:35.062 --> 00:31:35.602 that was made. 00:31:36.052 --> 00:31:36.522 But you're right 00:31:36.522 --> 00:31:37.202 about the '90s 00:31:37.232 --> 00:31:38.432 because the policy 00:31:38.432 --> 00:31:39.322 decisions that were, 00:31:39.432 --> 00:31:41.242 that enabled banks to 00:31:41.242 --> 00:31:42.351 be in such a position 00:31:42.882 --> 00:31:43.672 that they could put 00:31:43.672 --> 00:31:44.191 a gun to the, the 00:31:44.342 --> 00:31:45.222 head of the US and 00:31:45.222 --> 00:31:46.842 say, "You give us 00:31:46.852 --> 00:31:48.072 $700 billion or we'll 00:31:48.072 --> 00:31:48.672 blow your brains 00:31:48.672 --> 00:31:50.590 out." Those decisions 00:31:50.590 --> 00:31:51.860 had, were decades 00:31:51.860 --> 00:31:52.470 in the making- 00:31:52.820 --> 00:31:53.010 Right 00:31:53.030 --> 00:31:53.820 to allow the banks 00:31:53.820 --> 00:31:54.600 to consolidate and 00:31:54.600 --> 00:31:55.620 allow pow- power 00:31:55.620 --> 00:31:56.370 to consolidate 00:31:56.700 --> 00:31:57.460 to that degree. 00:31:57.800 --> 00:31:58.700 So here's what they 00:31:58.700 --> 00:32:00.830 did in the late '70s. 00:32:01.550 --> 00:32:02.710 USDA went out and 00:32:02.710 --> 00:32:03.739 encouraged everybody 00:32:03.740 --> 00:32:04.830 to take out big 00:32:04.830 --> 00:32:08.079 loans and they were 00:32:08.079 --> 00:32:09.069 running the subsidies 00:32:09.069 --> 00:32:10.329 up, so you could 00:32:10.329 --> 00:32:11.229 take out big loans, 00:32:11.230 --> 00:32:12.029 buy lots of stuff, 00:32:12.030 --> 00:32:12.529 and because the 00:32:12.530 --> 00:32:13.459 subsidies were good, 00:32:13.499 --> 00:32:14.189 you could make a lot 00:32:14.190 --> 00:32:15.049 of money in farming. 00:32:15.489 --> 00:32:16.350 So they run the 00:32:16.350 --> 00:32:17.609 debt up, they run 00:32:17.610 --> 00:32:18.600 the subsidies up, 00:32:18.899 --> 00:32:19.820 then Volcker runs 00:32:19.820 --> 00:32:20.520 the interest rates 00:32:20.520 --> 00:32:21.590 up, they slash the 00:32:21.590 --> 00:32:22.710 subsidies down- 00:32:22.719 --> 00:32:23.739 Yep … everybody 00:32:23.739 --> 00:32:24.600 goes bankrupt. 00:32:24.890 --> 00:32:25.020 They just put them 00:32:25.020 --> 00:32:25.589 in a- They yanked it. 00:32:25.940 --> 00:32:26.329 They yanked 00:32:26.329 --> 00:32:26.900 the rug out. 00:32:27.210 --> 00:32:28.139 It was a fraudulent 00:32:28.140 --> 00:32:28.979 inducement, and 00:32:28.980 --> 00:32:29.780 they- Yep … they… 00:32:30.039 --> 00:32:30.929 And then you know 00:32:30.929 --> 00:32:31.500 what they did? 00:32:31.800 --> 00:32:32.739 So then everybody had 00:32:32.739 --> 00:32:33.419 to write down their 00:32:33.419 --> 00:32:34.669 loans, so then the 00:32:34.669 --> 00:32:36.879 IRS goes in and hits 00:32:36.879 --> 00:32:38.379 them with bills for 00:32:40.399 --> 00:32:41.039 when you take a 00:32:41.039 --> 00:32:41.949 write-down like that 00:32:41.949 --> 00:32:42.640 you have to book 00:32:42.640 --> 00:32:44.199 a, a gain, right? 00:32:44.570 --> 00:32:44.790 Yeah. 00:32:45.359 --> 00:32:46.730 So the IRS goes in 00:32:46.730 --> 00:32:48.219 and after them, and 00:32:48.219 --> 00:32:49.119 that's what caused… 00:32:49.179 --> 00:32:49.929 Remember all those 00:32:49.960 --> 00:32:50.789 militia groups? 00:32:51.329 --> 00:32:51.890 They were just 00:32:51.890 --> 00:32:52.660 farmers who'd 00:32:52.660 --> 00:32:53.339 been played with 00:32:53.339 --> 00:32:54.339 fraudulent inducement 00:32:54.339 --> 00:32:56.329 in the tax game, and 00:32:56.339 --> 00:32:57.810 they sent FBI guys in 00:32:57.810 --> 00:32:58.920 to go play the terror 00:32:58.920 --> 00:32:59.959 game on them and set 00:32:59.960 --> 00:33:01.499 them up, and that was 00:33:01.909 --> 00:33:02.870 the militia movement 00:33:02.870 --> 00:33:03.680 because they knew 00:33:03.680 --> 00:33:04.719 they'd been played. 00:33:05.000 --> 00:33:05.140 Yeah. 00:33:05.180 --> 00:33:05.689 They knew it. 00:33:05.869 --> 00:33:07.240 And of course, big 00:33:07.250 --> 00:33:08.029 corporations are 00:33:08.030 --> 00:33:08.840 coming in and buying 00:33:08.840 --> 00:33:09.689 up all the land. 00:33:10.409 --> 00:33:11.040 Speaking of big 00:33:11.049 --> 00:33:12.750 corporations unlike 00:33:12.750 --> 00:33:13.469 Main Street and 00:33:13.469 --> 00:33:14.259 huge swaths of the 00:33:14.259 --> 00:33:15.180 population getting 00:33:15.180 --> 00:33:16.420 hit by the Iran war, 00:33:16.469 --> 00:33:17.209 big corporations 00:33:17.210 --> 00:33:17.790 are doing fine. 00:33:17.790 --> 00:33:18.380 Look at these 00:33:18.399 --> 00:33:19.369 corporate profits. 00:33:20.119 --> 00:33:21.390 This is unbelievable 00:33:21.390 --> 00:33:21.949 because if you 00:33:21.949 --> 00:33:22.749 just go back to, 00:33:22.759 --> 00:33:25.399 say, 2022 we were 00:33:25.399 --> 00:33:26.789 at 2.3 trillion a 00:33:26.789 --> 00:33:27.899 year instead of 4.8 00:33:27.899 --> 00:33:28.769 trillion, and I'll 00:33:28.769 --> 00:33:29.449 tell you what makes 00:33:29.449 --> 00:33:30.949 this so egregious. 00:33:31.839 --> 00:33:32.619 We're working on an 00:33:32.619 --> 00:33:33.679 article for the third 00:33:33.680 --> 00:33:34.790 quarter wrap-up about 00:33:34.809 --> 00:33:36.149 all the money coming 00:33:36.159 --> 00:33:37.139 into the federal 00:33:37.140 --> 00:33:37.879 government, into 00:33:37.879 --> 00:33:38.580 corporate balance 00:33:38.589 --> 00:33:39.799 sheets, that's then 00:33:39.799 --> 00:33:40.610 going out to data 00:33:40.610 --> 00:33:42.189 centers, and by 00:33:42.189 --> 00:33:43.090 looking at the data 00:33:43.090 --> 00:33:44.290 centers, we've really 00:33:44.290 --> 00:33:45.869 dug in to how much 00:33:46.210 --> 00:33:47.280 just the tsunami 00:33:47.280 --> 00:33:47.969 of money that's 00:33:47.969 --> 00:33:48.949 coming out in corp- 00:33:50.049 --> 00:33:51.049 federal government 00:33:51.059 --> 00:33:52.389 purchases contracts 00:33:52.390 --> 00:33:53.199 and subsidies 00:33:53.219 --> 00:33:53.809 into corporate 00:33:53.809 --> 00:33:54.519 balance sheets. 00:33:55.269 --> 00:33:56.330 It's unbelievable. 00:33:56.359 --> 00:33:57.149 At the same time 00:33:57.570 --> 00:33:58.739 for more than 00:33:58.739 --> 00:33:59.529 several decades, 00:33:59.529 --> 00:34:00.399 corporate taxes have 00:34:00.400 --> 00:34:01.189 been going down. 00:34:02.159 --> 00:34:02.959 So government 00:34:02.960 --> 00:34:05.020 spending is pushing 00:34:05.029 --> 00:34:06.109 more revenues into 00:34:06.129 --> 00:34:07.669 corporations while 00:34:07.669 --> 00:34:08.839 their taxes continue 00:34:08.839 --> 00:34:10.870 to go down, and it 00:34:10.870 --> 00:34:12.370 has nothing… It 00:34:12.370 --> 00:34:13.009 comes back to a 00:34:13.010 --> 00:34:13.919 misallocation of 00:34:13.919 --> 00:34:14.639 capital, John, 00:34:14.999 --> 00:34:15.550 because you're not 00:34:15.559 --> 00:34:16.599 s- you're not putting 00:34:16.599 --> 00:34:17.529 money into them 00:34:17.529 --> 00:34:18.299 to build something 00:34:18.299 --> 00:34:19.400 productive, right? 00:34:20.129 --> 00:34:20.319 No. 00:34:20.779 --> 00:34:21.690 You're putting money 00:34:21.690 --> 00:34:22.530 into them in a way 00:34:22.530 --> 00:34:23.469 that centralizes 00:34:23.489 --> 00:34:24.799 control and builds 00:34:24.799 --> 00:34:25.719 a very expensive 00:34:25.719 --> 00:34:26.380 control grid. 00:34:26.620 --> 00:34:27.389 Yeah, when it's not, 00:34:27.389 --> 00:34:28.209 when it's not looting 00:34:28.210 --> 00:34:29.149 your pension, yeah. 00:34:29.870 --> 00:34:30.480 Exactly. 00:34:30.480 --> 00:34:31.669 And so the 00:34:31.669 --> 00:34:32.909 misallocation is 00:34:32.909 --> 00:34:34.249 getting worse and 00:34:34.249 --> 00:34:35.280 worse, and the pain 00:34:35.280 --> 00:34:35.990 from it is getting 00:34:36.469 --> 00:34:37.439 deeper and deeper, 00:34:37.900 --> 00:34:39.149 and the ultimate cost 00:34:39.150 --> 00:34:41.319 of it is growing. 00:34:41.938 --> 00:34:42.297 So- 00:34:42.917 --> 00:34:43.188 Let me go 00:34:43.188 --> 00:34:43.458 back to that. 00:34:43.487 --> 00:34:44.178 I wanna make sure 00:34:44.178 --> 00:34:46.047 I'm understanding 00:34:46.047 --> 00:34:47.007 this chart correctly. 00:34:47.447 --> 00:34:47.947 I don't think it's 00:34:47.947 --> 00:34:48.797 literally true, 00:34:48.837 --> 00:34:51.437 but, Because if it's 00:34:51.437 --> 00:34:52.388 literally true, let 00:34:52.388 --> 00:34:53.598 me show you my issue. 00:34:53.808 --> 00:34:54.118 It would mean 00:34:54.127 --> 00:34:54.408 that- That's 00:34:54.408 --> 00:34:55.687 the annual, not the 00:34:55.828 --> 00:34:56.517 quarterly That's 00:34:56.737 --> 00:34:57.707 a- that's the 00:34:57.727 --> 00:34:58.317 annualized- 00:34:58.357 --> 00:34:58.678 Yeah 00:34:58.678 --> 00:34:58.948 figure. 00:34:58.948 --> 00:35:00.308 So as of- Okay … as 00:35:00.308 --> 00:35:02.408 of Q2 to 2026- 00:35:02.417 --> 00:35:02.817 Yeah … the last 00:35:02.817 --> 00:35:03.617 12 months was- Yeah 00:35:03.617 --> 00:35:05.048 … 4.8 trillion. 00:35:05.238 --> 00:35:06.707 So basically in two 00:35:06.707 --> 00:35:07.787 years, corporate 00:35:07.787 --> 00:35:08.508 profits have gone 00:35:08.508 --> 00:35:09.837 from 3.8 trillion 00:35:10.177 --> 00:35:11.238 to 4.8 trillion. 00:35:11.477 --> 00:35:12.017 Yeah, if you go 00:35:12.017 --> 00:35:12.928 back to '22- I 00:35:12.928 --> 00:35:13.357 think it was 00:35:13.357 --> 00:35:14.297 two-point-something 00:35:14.298 --> 00:35:14.848 trillion. 00:35:14.848 --> 00:35:15.218 Yeah, 00:35:15.218 --> 00:35:15.437 yeah. 00:35:15.448 --> 00:35:15.917 So- 00:35:16.017 --> 00:35:16.427 Okay 00:35:17.167 --> 00:35:18.258 … corporate profits are 00:35:18.267 --> 00:35:20.658 s- are skyrocketing, 00:35:20.707 --> 00:35:21.417 and everything 00:35:21.417 --> 00:35:22.277 Trump is doing 00:35:22.287 --> 00:35:24.797 is great for the 00:35:24.798 --> 00:35:27.017 insiders that the 00:35:27.017 --> 00:35:27.877 corporate vehicles 00:35:27.877 --> 00:35:28.727 that are insiders. 00:35:28.748 --> 00:35:29.427 Not everybody's 00:35:29.427 --> 00:35:30.138 an insider. 00:35:30.537 --> 00:35:32.348 Yeah I get it. 00:35:33.127 --> 00:35:33.947 But that's a 00:35:33.957 --> 00:35:34.977 massive increase- 00:35:36.158 --> 00:35:36.768 Of corporate 00:35:36.768 --> 00:35:37.078 profits- I just- 00:35:37.078 --> 00:35:37.828 … in two years 00:35:38.187 --> 00:35:39.167 … so I was just looking 00:35:39.167 --> 00:35:39.957 at two companies 00:35:39.957 --> 00:35:40.707 last night for the 00:35:40.707 --> 00:35:41.707 screen, and they're 00:35:41.707 --> 00:35:42.897 small manufacturing 00:35:42.897 --> 00:35:43.357 companies. 00:35:43.357 --> 00:35:43.837 They're small 00:35:43.837 --> 00:35:44.787 cap companies. 00:35:44.787 --> 00:35:45.357 They're publicly 00:35:45.357 --> 00:35:46.947 traded, but they've 00:35:46.947 --> 00:35:47.987 gotten slaughtered by 00:35:47.987 --> 00:35:49.727 the tariffs, right? 00:35:50.087 --> 00:35:51.227 And the, you know, 00:35:51.237 --> 00:35:52.417 the whack-a, the 00:35:52.417 --> 00:35:53.218 whole whack-a-mole 00:35:53.218 --> 00:35:54.097 around the tariffs. 00:35:54.447 --> 00:35:55.397 So you see a really 00:35:55.397 --> 00:35:56.127 nice, sweet little 00:35:56.128 --> 00:35:58.228 company, and when 00:35:58.228 --> 00:35:58.927 I was on Wall Street, 00:35:58.927 --> 00:35:59.397 we used to call 00:35:59.397 --> 00:36:00.407 them tiny motors. 00:36:00.427 --> 00:36:00.868 They're a tiny 00:36:00.868 --> 00:36:01.518 motor company. 00:36:01.518 --> 00:36:01.538 Yeah. 00:36:01.698 --> 00:36:03.257 They make tiny 00:36:03.257 --> 00:36:04.557 parts of machines 00:36:04.558 --> 00:36:05.588 and equipment, and 00:36:05.647 --> 00:36:06.397 they've just gotten 00:36:06.408 --> 00:36:06.997 whacked around 00:36:06.997 --> 00:36:07.637 and slaughtered. 00:36:08.817 --> 00:36:09.207 Wow. 00:36:09.518 --> 00:36:09.768 Yeah. 00:36:09.768 --> 00:36:10.018 That's not good. 00:36:10.557 --> 00:36:11.248 It was ugly 00:36:11.248 --> 00:36:11.887 to look at. 00:36:11.917 --> 00:36:12.307 And 00:36:14.487 --> 00:36:15.658 and one of them, 00:36:15.667 --> 00:36:16.667 maybe both of them, 00:36:16.987 --> 00:36:17.917 one had been levered 00:36:17.927 --> 00:36:19.007 up by private equity. 00:36:19.018 --> 00:36:19.837 The other was paying 00:36:19.838 --> 00:36:20.467 down their debt. 00:36:20.467 --> 00:36:21.148 So they'll make 00:36:21.148 --> 00:36:22.587 it, but it's not 00:36:22.588 --> 00:36:23.367 a pretty picture. 00:36:23.847 --> 00:36:26.528 Yeah let's keep it 00:36:26.548 --> 00:36:27.648 going and move on to 00:36:27.648 --> 00:36:28.987 another manifestation 00:36:28.987 --> 00:36:29.557 of the toll booth, 00:36:29.567 --> 00:36:30.147 the latest toll 00:36:30.147 --> 00:36:30.957 booth, and that's 00:36:30.987 --> 00:36:31.977 the trade war between 00:36:31.997 --> 00:36:32.907 the US and Canada. 00:36:33.618 --> 00:36:34.327 This is Mish. 00:36:34.327 --> 00:36:35.557 He said Who's gonna 00:36:35.557 --> 00:36:36.347 win the trade war? 00:36:36.397 --> 00:36:36.937 Everybody knows 00:36:36.937 --> 00:36:37.417 it's China. 00:36:37.417 --> 00:36:38.598 They're gonna win the 00:36:38.598 --> 00:36:39.208 trade war between the 00:36:39.208 --> 00:36:40.048 US and Canada." And 00:36:40.368 --> 00:36:41.377 he's quoting somebody 00:36:41.377 --> 00:36:42.688 else here, but, "Mr. 00:36:42.688 --> 00:36:44.227 Xi already has a 00:36:44.227 --> 00:36:45.227 monop- already has 00:36:45.227 --> 00:36:46.267 monopoly power over 00:36:46.268 --> 00:36:47.107 components that are 00:36:47.107 --> 00:36:48.457 vital to hundreds of 00:36:48.467 --> 00:36:50.897 thousands of American 00:36:50.908 --> 00:36:51.997 and Canadian jobs. 00:36:52.847 --> 00:36:54.357 China's April 2025 00:36:54.357 --> 00:36:55.017 restrictions on 00:36:55.017 --> 00:36:56.017 rare earth magnets 00:36:56.017 --> 00:36:56.887 temporarily shut 00:36:56.887 --> 00:36:58.037 down a Ford Explorer 00:36:58.037 --> 00:36:59.127 plant in Chicago. 00:37:00.447 --> 00:37:00.697 In Ontario later 00:37:00.967 --> 00:37:02.817 that same year, Honda 00:37:02.827 --> 00:37:03.868 briefly reduced and 00:37:03.868 --> 00:37:04.737 suspended production 00:37:04.757 --> 00:37:06.317 of Civics and 00:37:06.317 --> 00:37:08.458 CR-Vs after China 00:37:08.458 --> 00:37:09.367 closed off access 00:37:09.367 --> 00:37:10.307 to semiconductors, 00:37:10.318 --> 00:37:11.267 which disrupted 00:37:11.268 --> 00:37:12.067 part supplies. 00:37:12.488 --> 00:37:13.007 These sorts 00:37:13.007 --> 00:37:13.768 of attacks and 00:37:13.768 --> 00:37:14.278 those sorts of 00:37:14.278 --> 00:37:15.077 vulnerabilities 00:37:15.077 --> 00:37:16.237 should bring allies 00:37:16.277 --> 00:37:16.967 like the US and 00:37:16.967 --> 00:37:17.938 Canada together. 00:37:18.427 --> 00:37:19.317 In a normal world, 00:37:19.318 --> 00:37:19.937 Washington and 00:37:19.937 --> 00:37:21.007 Ottawa would be 00:37:21.007 --> 00:37:22.058 laser focused on 00:37:22.067 --> 00:37:22.877 how much and how 00:37:22.878 --> 00:37:24.057 quickly they could 00:37:24.057 --> 00:37:25.067 manufacture together 00:37:25.067 --> 00:37:26.428 to prevent that 00:37:26.428 --> 00:37:27.737 kind of Chinese e- 00:37:27.798 --> 00:37:28.897 economic coercion." 00:37:29.577 --> 00:37:30.447 On the ground, we're 00:37:30.447 --> 00:37:31.187 looking at here 00:37:31.217 --> 00:37:32.347 or where the trade 00:37:32.348 --> 00:37:33.177 war is gonna cost 00:37:33.177 --> 00:37:34.837 you, in real world 00:37:34.837 --> 00:37:36.387 terms, you're gonna 00:37:36.387 --> 00:37:37.377 see increased price 00:37:37.397 --> 00:37:38.637 in toilet paper, 00:37:39.197 --> 00:37:42.338 aluminum electricity 00:37:42.467 --> 00:37:43.747 prices are gonna go 00:37:43.747 --> 00:37:45.098 up, and then finally, 00:37:45.727 --> 00:37:48.010 Iowa farmers- Are 00:37:48.740 --> 00:37:49.740 being really hurt 00:37:49.810 --> 00:37:51.670 because 30% of Iowa's 00:37:51.670 --> 00:37:54.020 exports go to Canada 00:37:55.750 --> 00:37:56.960 So again, this is 00:37:57.470 --> 00:37:58.120 let's just go to a 00:37:58.120 --> 00:38:00.120 chart here of how 00:38:00.120 --> 00:38:00.940 important, this is 00:38:00.950 --> 00:38:01.520 shouldn't be really 00:38:01.520 --> 00:38:02.189 a surprise, but 00:38:02.189 --> 00:38:03.450 Canada is important. 00:38:03.909 --> 00:38:04.479 It's the leading 00:38:04.480 --> 00:38:05.210 trade partner of 00:38:05.210 --> 00:38:06.030 a lot of states. 00:38:06.060 --> 00:38:06.639 We have this in 00:38:06.640 --> 00:38:07.499 chart form here. 00:38:07.829 --> 00:38:09.159 Chief export partner 00:38:09.509 --> 00:38:10.610 of each US state, 00:38:10.640 --> 00:38:11.330 and so I'm gonna 00:38:11.330 --> 00:38:12.529 zoom in here, but the 00:38:12.540 --> 00:38:13.900 dark blue is Canada. 00:38:14.649 --> 00:38:15.829 The red is Mexico. 00:38:15.829 --> 00:38:16.610 That's one and two. 00:38:16.610 --> 00:38:17.440 Let me zoom in. 00:38:18.079 --> 00:38:19.009 And this is a rough 00:38:19.050 --> 00:38:20.039 map of the state 00:38:20.040 --> 00:38:20.720 with Maine in the 00:38:20.720 --> 00:38:21.739 northeast up here 00:38:21.740 --> 00:38:22.439 and California 00:38:22.439 --> 00:38:23.320 down here, Hawaii. 00:38:24.159 --> 00:38:24.759 But you can see 00:38:24.760 --> 00:38:25.509 Canada's the leading 00:38:25.509 --> 00:38:26.290 trade partner of 00:38:26.290 --> 00:38:27.700 20 s- of over half 00:38:27.729 --> 00:38:28.450 the US states, 00:38:28.459 --> 00:38:29.910 Mexico 11 states. 00:38:31.229 --> 00:38:32.099 It's unbelievable. 00:38:32.479 --> 00:38:33.219 This trade war 00:38:33.249 --> 00:38:34.000 with Canada is 00:38:34.339 --> 00:38:36.199 incredibly harmful. 00:38:36.439 --> 00:38:37.340 One chart I looked 00:38:37.340 --> 00:38:38.569 at had North Dakota 00:38:38.569 --> 00:38:41.379 at 81%, and Montana I 00:38:41.389 --> 00:38:43.159 think at 40% of their 00:38:43.159 --> 00:38:45.109 exports go to Canada. 00:38:45.729 --> 00:38:46.919 So it's not clear 00:38:46.919 --> 00:38:48.219 to me what Trump is 00:38:48.220 --> 00:38:49.800 trying to accomplish 00:38:51.278 --> 00:38:52.058 You know, Carney and 00:38:52.067 --> 00:38:53.038 Trump are clearly 00:38:53.038 --> 00:38:53.687 up to something. 00:38:53.687 --> 00:38:54.267 The question is, 00:38:54.267 --> 00:38:54.868 what are they trying 00:38:54.868 --> 00:38:55.727 to accomplish here? 00:38:56.127 --> 00:38:56.448 Wow. 00:38:57.707 --> 00:38:58.437 You tell me. 00:38:59.328 --> 00:38:59.607 I don't know. 00:38:59.687 --> 00:39:00.258 The interesting 00:39:00.258 --> 00:39:01.497 thing is if you 00:39:01.497 --> 00:39:02.697 look at the tariffs, 00:39:03.388 --> 00:39:04.317 it doesn't apply. 00:39:04.348 --> 00:39:05.187 The, the tariffs 00:39:05.187 --> 00:39:06.368 for oil and gas is 00:39:06.417 --> 00:39:09.547 10% not the 50%. 00:39:11.307 --> 00:39:13.287 Again I get to 00:39:13.288 --> 00:39:13.988 this question of 00:39:13.988 --> 00:39:15.217 carve-outs because 00:39:16.307 --> 00:39:17.497 they say this big 00:39:17.508 --> 00:39:18.237 trade war, but 00:39:18.237 --> 00:39:19.107 then you have these 00:39:19.118 --> 00:39:20.167 secret waivers and 00:39:20.167 --> 00:39:21.828 exemptions and all 00:39:21.828 --> 00:39:22.397 these carve outs. 00:39:22.657 --> 00:39:23.298 That, that's 00:39:23.298 --> 00:39:23.948 what it's about. 00:39:23.948 --> 00:39:24.997 It's this empire 00:39:24.997 --> 00:39:25.888 of red tape- 00:39:26.368 --> 00:39:26.698 Right 00:39:26.747 --> 00:39:27.887 … where you can allow 00:39:27.888 --> 00:39:28.967 exception, e- 00:39:28.967 --> 00:39:29.837 exceptions and 00:39:29.837 --> 00:39:31.217 special dispensations 00:39:31.217 --> 00:39:31.767 and no one ever 00:39:31.767 --> 00:39:32.097 knows about it. 00:39:32.107 --> 00:39:32.917 You can pick winners 00:39:32.917 --> 00:39:34.337 and losers in 00:39:34.337 --> 00:39:35.167 complete darkness 00:39:35.167 --> 00:39:35.797 with no transparency. 00:39:35.837 --> 00:39:36.428 Okay, so you know 00:39:36.428 --> 00:39:36.658 what you can- That's 00:39:36.658 --> 00:39:37.198 what it looks like 00:39:37.478 --> 00:39:38.147 you can do in 00:39:38.147 --> 00:39:39.057 that situation? 00:39:39.467 --> 00:39:40.428 You can wipe out 00:39:40.428 --> 00:39:40.957 all the small 00:39:40.957 --> 00:39:42.317 businesses and farms- 00:39:42.377 --> 00:39:42.757 Yeah 00:39:42.817 --> 00:39:43.558 … and engineer 00:39:43.558 --> 00:39:44.197 everything into 00:39:44.197 --> 00:39:45.167 the big companies. 00:39:45.497 --> 00:39:46.347 Again, the, the 00:39:46.348 --> 00:39:46.847 Main Street's 00:39:46.848 --> 00:39:47.498 gotta play by the 00:39:47.498 --> 00:39:48.417 rules, and Wall 00:39:48.417 --> 00:39:49.127 Street doesn't even 00:39:49.127 --> 00:39:49.887 get investigated. 00:39:50.427 --> 00:39:51.856 It's COVID 2.0. 00:39:51.856 --> 00:39:52.433 It's COVID 2.0. 00:39:52.433 --> 00:39:52.578 Bailouts. 00:39:52.627 --> 00:39:52.767 It's bailouts 00:39:52.767 --> 00:39:54.867 2.0. 00:39:54.877 --> 00:39:55.497 It's non- Right 00:39:55.507 --> 00:39:56.582 … prosecution 2.0. 00:39:56.767 --> 00:39:57.277 It's too big 00:39:57.288 --> 00:39:58.447 to jail 2.0. 00:40:00.218 --> 00:40:01.487 We have this, all 00:40:01.487 --> 00:40:02.948 these red tape, all 00:40:02.948 --> 00:40:03.747 these tariffs, all 00:40:03.748 --> 00:40:04.597 these restrictions, 00:40:04.598 --> 00:40:05.297 all these export 00:40:05.318 --> 00:40:07.107 bans, but like you 00:40:07.108 --> 00:40:07.697 say, we have these 00:40:07.697 --> 00:40:08.598 secret exceptions 00:40:08.598 --> 00:40:10.097 to so our friends 00:40:10.098 --> 00:40:11.007 make money under 00:40:11.007 --> 00:40:11.618 this regime. 00:40:12.687 --> 00:40:13.437 But here's a chart 00:40:13.447 --> 00:40:14.448 quickly of the 00:40:14.858 --> 00:40:15.457 leading export 00:40:15.457 --> 00:40:15.977 partners of the 00:40:15.977 --> 00:40:17.258 US for goods. 00:40:18.337 --> 00:40:19.548 No surprise here. 00:40:21.087 --> 00:40:22.587 It's China and 00:40:23.147 --> 00:40:23.627 … I'm sorry, it's 00:40:23.627 --> 00:40:24.447 Mexico and Canada, 00:40:24.447 --> 00:40:25.167 one and two. 00:40:25.877 --> 00:40:26.798 And Misha's article's 00:40:26.798 --> 00:40:27.977 saying this is, 00:40:28.017 --> 00:40:28.797 this number is gonna 00:40:28.797 --> 00:40:30.047 get … That, that's 00:40:30.047 --> 00:40:30.767 gonna go that way, 00:40:30.767 --> 00:40:31.377 and these two are 00:40:31.388 --> 00:40:32.087 going this way. 00:40:33.007 --> 00:40:33.507 That's all. 00:40:34.147 --> 00:40:34.847 Again, that's not 00:40:34.848 --> 00:40:35.387 a, that's not a 00:40:35.388 --> 00:40:36.507 surprise at all 00:40:37.318 --> 00:40:38.638 china's clearly in 00:40:38.638 --> 00:40:39.887 a position to export 00:40:39.888 --> 00:40:40.837 their deflation 00:40:45.117 --> 00:40:45.907 so here's the thing. 00:40:45.917 --> 00:40:47.337 Why … If you're 00:40:47.337 --> 00:40:48.017 the Washington 00:40:48.017 --> 00:40:48.757 leadership, why 00:40:48.757 --> 00:40:49.397 would you want 00:40:49.627 --> 00:40:52.408 China to grow and 00:40:52.408 --> 00:40:53.417 Canada to shrink? 00:40:54.548 --> 00:40:55.848 Because the the 00:40:55.858 --> 00:40:56.688 US leadership 00:40:56.688 --> 00:40:57.888 really isn't US, 00:40:57.898 --> 00:40:58.678 it's not American. 00:40:59.898 --> 00:41:00.498 The real US 00:41:00.498 --> 00:41:01.008 leadership is 00:41:01.008 --> 00:41:01.898 largely European. 00:41:03.108 --> 00:41:03.768 It's interesting, 00:41:03.778 --> 00:41:05.078 Mexico is slightly 00:41:05.078 --> 00:41:06.108 bigger than Canada, 00:41:06.118 --> 00:41:07.158 but it's only 00:41:07.158 --> 00:41:08.118 the lead export 00:41:08.148 --> 00:41:09.368 in 11 states. 00:41:09.678 --> 00:41:10.388 But those states 00:41:10.388 --> 00:41:11.277 are big, Texas 00:41:11.277 --> 00:41:12.158 and California, 00:41:12.168 --> 00:41:12.658 et cetera. 00:41:12.877 --> 00:41:13.237 Yeah. 00:41:13.947 --> 00:41:14.207 Yeah. 00:41:14.638 --> 00:41:15.268 Let's look at one 00:41:15.268 --> 00:41:17.108 last chart in terms 00:41:17.108 --> 00:41:19.237 of energy and food, 00:41:19.318 --> 00:41:19.948 then that would 00:41:19.948 --> 00:41:20.778 be… And if you 00:41:20.778 --> 00:41:21.238 had to talk about 00:41:21.308 --> 00:41:21.928 energy and food 00:41:21.928 --> 00:41:22.747 in a single chart, 00:41:23.207 --> 00:41:24.148 what would you show? 00:41:24.587 --> 00:41:24.977 There you go, 00:41:24.978 --> 00:41:25.927 you'd show diesel. 00:41:26.557 --> 00:41:27.818 Diesel price, 10-year 00:41:27.818 --> 00:41:28.938 price, it's up at 00:41:28.938 --> 00:41:30.558 $5.60 a gallon, and 00:41:30.558 --> 00:41:31.297 I know it's higher 00:41:31.298 --> 00:41:32.007 in California. 00:41:32.697 --> 00:41:33.577 So here's what's 00:41:33.577 --> 00:41:34.187 interesting. 00:41:34.197 --> 00:41:37.227 So we again, 00:41:37.228 --> 00:41:38.157 I believe that 00:41:38.167 --> 00:41:38.867 there's a real 00:41:38.917 --> 00:41:40.008 effort to control 00:41:40.008 --> 00:41:41.048 supply worldwide 00:41:41.048 --> 00:41:41.588 in a way that 00:41:41.588 --> 00:41:43.007 advantages the US. 00:41:43.617 --> 00:41:44.747 And the shortages 00:41:44.748 --> 00:41:45.627 worldwide are 00:41:45.627 --> 00:41:47.048 not so much oil, 00:41:47.537 --> 00:41:48.487 but basically 00:41:48.498 --> 00:41:49.498 refined products, 00:41:49.498 --> 00:41:50.487 including diesel 00:41:50.487 --> 00:41:51.447 and the jet fuel. 00:41:52.057 --> 00:41:53.007 And I'm really 00:41:53.007 --> 00:41:54.007 concern- what 00:41:54.007 --> 00:41:55.458 we've seen is the US 00:41:55.458 --> 00:41:56.577 has been exporting 00:41:56.588 --> 00:41:57.517 tremendous amounts 00:41:57.517 --> 00:41:59.347 of diesel and using 00:41:59.347 --> 00:42:00.527 that to control 00:42:00.527 --> 00:42:01.438 globally, along with 00:42:01.477 --> 00:42:04.677 LNG, and but it's, 00:42:04.707 --> 00:42:05.697 the price is much 00:42:05.697 --> 00:42:06.647 higher in the US 00:42:06.648 --> 00:42:07.837 and in short supply. 00:42:08.437 --> 00:42:10.057 So it's working for 00:42:10.057 --> 00:42:10.988 the global game, but 00:42:10.988 --> 00:42:11.787 if you're coming into 00:42:11.788 --> 00:42:12.788 midterm elections, 00:42:12.827 --> 00:42:13.507 this is killing 00:42:13.507 --> 00:42:14.157 your truckers and 00:42:14.157 --> 00:42:15.547 farmers, right? 00:42:15.597 --> 00:42:15.857 Yeah. 00:42:20.437 --> 00:42:21.488 My concern is 00:42:21.488 --> 00:42:22.178 that diesel is 00:42:22.178 --> 00:42:23.337 gonna keep rising. 00:42:23.507 --> 00:42:24.528 My car in Europe is 00:42:24.528 --> 00:42:25.987 diesel, and I think 00:42:26.377 --> 00:42:27.217 wouldn't surprise me 00:42:27.218 --> 00:42:28.077 if Europe is in for 00:42:28.077 --> 00:42:28.887 much, much higher 00:42:28.888 --> 00:42:30.038 diesel prices too. 00:42:30.587 --> 00:42:30.897 Yeah. 00:42:32.268 --> 00:42:33.088 I think that's right. 00:42:36.856 --> 00:42:37.806 Let's turn to 00:42:37.826 --> 00:42:38.666 home prices. 00:42:40.186 --> 00:42:41.406 That's a Main Street 00:42:41.416 --> 00:42:42.226 number one asset 00:42:42.226 --> 00:42:42.926 pretty much, and 00:42:42.926 --> 00:42:43.626 there's trouble on 00:42:43.626 --> 00:42:44.316 the horizon here. 00:42:44.326 --> 00:42:45.195 Inventory of new 00:42:45.206 --> 00:42:45.815 single-family 00:42:45.816 --> 00:42:46.636 homes jumps. 00:42:47.405 --> 00:42:48.466 Prices drop to 00:42:48.466 --> 00:42:49.786 lowest since 2021. 00:42:49.855 --> 00:42:50.596 Sales are down. 00:42:51.676 --> 00:42:52.486 The median price of 00:42:52.486 --> 00:42:53.286 new single-family 00:42:53.286 --> 00:42:54.245 homes sold in July 00:42:54.246 --> 00:42:56.116 declined by 1% from 00:42:56.116 --> 00:42:57.186 a year ago, and by 00:42:57.235 --> 00:42:58.346 8% from two years 00:42:58.346 --> 00:43:00.805 ago, and by 14% 00:43:00.946 --> 00:43:02.035 from four years ago 00:43:02.065 --> 00:43:05.146 to 393, $394,000. 00:43:05.875 --> 00:43:06.276 You got three 00:43:06.276 --> 00:43:06.765 charts here. 00:43:06.766 --> 00:43:07.355 Median price, 00:43:07.365 --> 00:43:08.296 single-family homes. 00:43:08.315 --> 00:43:08.815 You can see the 00:43:08.815 --> 00:43:09.615 trend line here. 00:43:09.616 --> 00:43:10.385 Pretty clear 00:43:10.416 --> 00:43:11.206 it's going down. 00:43:12.546 --> 00:43:14.276 It peaked right when 00:43:16.616 --> 00:43:17.816 the fiscal- the Fed 00:43:17.826 --> 00:43:19.065 added trillions to 00:43:19.065 --> 00:43:19.846 the balance sheet, 00:43:20.436 --> 00:43:21.425 but it's down four- 00:43:21.436 --> 00:43:24.003 four- 440,000 to 00:43:24.003 --> 00:43:24.756 just under 400,000. 00:43:24.756 --> 00:43:25.546 Sales of new 00:43:25.546 --> 00:43:26.465 single-family homes 00:43:26.465 --> 00:43:27.176 at all stages of 00:43:27.176 --> 00:43:28.085 construction, these 00:43:28.085 --> 00:43:28.796 are the number of 00:43:28.796 --> 00:43:30.345 sales, is down 6% 00:43:30.346 --> 00:43:31.155 year over year. 00:43:33.256 --> 00:43:33.696 Compared to 2019 00:43:34.735 --> 00:43:35.736 in July, sales are 00:43:35.736 --> 00:43:37.405 down by 9%, and you 00:43:37.405 --> 00:43:38.585 can see that here. 00:43:39.085 --> 00:43:39.885 Again, the trend 00:43:39.885 --> 00:43:40.705 line, the five-year 00:43:40.705 --> 00:43:41.755 trend line is down. 00:43:42.485 --> 00:43:43.625 And then inventory of 00:43:43.625 --> 00:43:44.575 single-family homes 00:43:44.575 --> 00:43:45.255 at all stages of 00:43:45.255 --> 00:43:47.475 construction is up to 00:43:47.676 --> 00:43:49.295 almost 500,000 homes. 00:43:49.865 --> 00:43:50.926 It's up four months 00:43:50.945 --> 00:43:51.645 in a row, and you 00:43:51.645 --> 00:43:52.825 can see the inventory 00:43:53.505 --> 00:43:54.505 is… That's been… 00:43:54.515 --> 00:43:55.746 That's a 15-year 00:43:55.746 --> 00:43:56.576 trend line there, 00:43:57.136 --> 00:43:58.156 inventory climbing 00:43:59.822 --> 00:44:00.692 So not a happy 00:44:00.712 --> 00:44:01.622 picture on the home 00:44:01.622 --> 00:44:02.782 front in the US. 00:44:03.052 --> 00:44:03.942 So I looked up 00:44:03.942 --> 00:44:04.652 some interesting 00:44:04.652 --> 00:44:05.682 statistics because 00:44:05.682 --> 00:44:06.222 when I became 00:44:06.222 --> 00:44:07.082 Assistant Secretary 00:44:07.082 --> 00:44:08.002 of Housing, I did an 00:44:08.002 --> 00:44:09.372 analysis and realized 00:44:09.982 --> 00:44:11.072 that the rise in 00:44:11.072 --> 00:44:12.282 the value of homes 00:44:12.322 --> 00:44:13.362 was explained by two 00:44:13.362 --> 00:44:14.602 things, increases in 00:44:14.612 --> 00:44:15.472 the square footage 00:44:15.492 --> 00:44:16.222 and inflation. 00:44:16.762 --> 00:44:17.142 Yep. 00:44:17.502 --> 00:44:18.151 That was it. 00:44:18.441 --> 00:44:19.092 It's basically 00:44:19.101 --> 00:44:20.372 monetary policy 00:44:20.892 --> 00:44:21.722 and making the 00:44:21.722 --> 00:44:22.421 homes bigger. 00:44:22.461 --> 00:44:23.201 So I looked up the 00:44:23.201 --> 00:44:26.161 numbers and guess 00:44:26.162 --> 00:44:26.941 what the current 00:44:26.961 --> 00:44:28.681 estimate in 2024 00:44:29.082 --> 00:44:30.241 square footage of the 00:44:30.242 --> 00:44:31.541 average American new 00:44:31.552 --> 00:44:32.562 single family home, 00:44:32.732 --> 00:44:33.982 so new construction 00:44:33.991 --> 00:44:34.751 in that year. 00:44:35.112 --> 00:44:36.272 2,500 square feet. 00:44:36.671 --> 00:44:38.226 2,300. Okay. 00:44:38.226 --> 00:44:41.331 In 2015 it was 2,687. 00:44:41.961 --> 00:44:43.452 Between '95 and 00:44:43.452 --> 00:44:44.861 2015 it grew 600, 00:44:45.232 --> 00:44:46.152 now it's shrinking. 00:44:47.531 --> 00:44:48.341 No kidding. 00:44:48.541 --> 00:44:48.901 Yeah. 00:44:49.371 --> 00:44:49.701 Yeah. 00:44:51.131 --> 00:44:51.351 Yeah. 00:44:51.412 --> 00:44:51.501 Wouldn't have 00:44:51.511 --> 00:44:52.111 guessed that. 00:44:52.311 --> 00:44:53.841 So there was a 00:44:53.842 --> 00:44:56.791 peak before in 00:44:56.791 --> 00:44:58.601 2007, the pre-crisis 00:44:58.631 --> 00:45:00.661 peak was 2,521. 00:45:00.701 --> 00:45:01.021 You know what 00:45:01.072 --> 00:45:01.821 that tells me? 00:45:02.592 --> 00:45:02.782 What? 00:45:02.791 --> 00:45:03.281 It tells me a little 00:45:03.291 --> 00:45:04.052 more homes are being 00:45:04.052 --> 00:45:05.171 built in urban areas 00:45:05.752 --> 00:45:06.191 where there's not 00:45:06.191 --> 00:45:07.082 as much real estate. 00:45:07.832 --> 00:45:08.671 I see that a lot. 00:45:08.871 --> 00:45:09.672 I ride up my bike 00:45:09.672 --> 00:45:10.441 around and I'd see. 00:45:10.811 --> 00:45:13.271 It's the… Yeah, I, 00:45:13.481 --> 00:45:13.501 yeah. 00:45:13.502 --> 00:45:13.691 They're playing 00:45:13.701 --> 00:45:14.512 how many homes can 00:45:14.512 --> 00:45:15.282 we squeeze into 00:45:15.282 --> 00:45:16.101 this very valuable 00:45:16.142 --> 00:45:17.141 piece of land game. 00:45:18.921 --> 00:45:20.181 Whereas, whereas 00:45:21.182 --> 00:45:21.832 a few years ago 00:45:21.832 --> 00:45:22.511 I'd ride along the 00:45:22.511 --> 00:45:26.531 river not as, as 00:45:26.551 --> 00:45:28.301 urban but not rural, 00:45:28.301 --> 00:45:29.241 but- certainly more 00:45:29.241 --> 00:45:30.311 rural than downtown 00:45:30.311 --> 00:45:32.211 Raleigh, and it w- 00:45:32.211 --> 00:45:33.531 it was like just an 00:45:33.531 --> 00:45:34.431 explosion of homes 00:45:34.432 --> 00:45:35.262 all over the place. 00:45:35.601 --> 00:45:36.345 So I think- They 00:45:36.345 --> 00:45:36.657 were bigger … part 00:45:36.657 --> 00:45:37.631 of the story is 00:45:37.642 --> 00:45:38.901 property taxes, 00:45:39.061 --> 00:45:39.981 home insurance, 00:45:40.031 --> 00:45:40.831 and maintenance. 00:45:41.301 --> 00:45:41.891 I just think the 00:45:41.911 --> 00:45:43.371 cost of maintaining 00:45:43.731 --> 00:45:44.681 a house per square 00:45:44.682 --> 00:45:45.612 foot is really 00:45:45.612 --> 00:45:46.292 skyrocketing. 00:45:46.292 --> 00:45:47.221 Oh, yeah, I think so. 00:45:47.671 --> 00:45:47.951 Yeah. 00:45:48.811 --> 00:45:49.131 Okay. 00:45:50.231 --> 00:45:50.792 Let's turn to 00:45:50.792 --> 00:45:51.802 a, a disturbing 00:45:52.011 --> 00:45:52.992 military story. 00:45:53.191 --> 00:45:54.161 I can't wait to 00:45:54.301 --> 00:45:54.971 hear your take on 00:45:54.971 --> 00:45:55.861 this, and that's 00:45:55.892 --> 00:45:56.942 the growing list 00:45:56.942 --> 00:45:58.031 of military ousters 00:45:58.081 --> 00:46:00.112 under Trump 2.0. 00:46:00.112 --> 00:46:01.171 These are high-level 00:46:01.182 --> 00:46:02.271 military ousters. 00:46:02.801 --> 00:46:03.941 And again this is 00:46:03.951 --> 00:46:05.351 irreplaceable losses 00:46:05.351 --> 00:46:05.881 we're talking about. 00:46:05.892 --> 00:46:07.181 Decades of experience 00:46:07.761 --> 00:46:08.361 have been wiped 00:46:08.361 --> 00:46:08.951 from the highest 00:46:08.951 --> 00:46:09.631 levels of the US 00:46:09.631 --> 00:46:11.381 military, the result 00:46:11.391 --> 00:46:12.681 of retirements and 00:46:12.682 --> 00:46:13.881 removals in the first 00:46:13.891 --> 00:46:14.861 year of the second 00:46:14.861 --> 00:46:15.902 Trump administration. 00:46:16.491 --> 00:46:17.571 Here's a, the, 00:46:17.571 --> 00:46:18.522 the list, okay, 00:46:18.522 --> 00:46:19.212 a partial list. 00:46:19.221 --> 00:46:21.394 You can see You 00:46:21.394 --> 00:46:22.124 know, that's almost 00:46:22.124 --> 00:46:24.304 10, 10 people, high 00:46:24.304 --> 00:46:26.334 level, being removed. 00:46:26.493 --> 00:46:28.154 But i- after that 00:46:28.154 --> 00:46:30.334 story came out, two 00:46:30.384 --> 00:46:31.574 two more ousters 00:46:31.603 --> 00:46:32.203 were announced, 00:46:32.243 --> 00:46:33.023 and that was… 00:46:33.074 --> 00:46:34.113 I've just annotated 00:46:34.114 --> 00:46:34.844 this story here. 00:46:35.504 --> 00:46:36.544 These two, Secretary 00:46:36.544 --> 00:46:37.404 of the Army Daniel 00:46:37.544 --> 00:46:39.434 Driscoll and Deputy 00:46:39.434 --> 00:46:40.163 Under Secretary 00:46:40.163 --> 00:46:41.013 Da- of the Army 00:46:41.013 --> 00:46:41.964 Dave Fitzgerald, 00:46:41.973 --> 00:46:42.854 is expected. 00:46:43.603 --> 00:46:44.343 So that's a 00:46:44.343 --> 00:46:47.383 lot of losses 00:46:47.433 --> 00:46:48.213 at a high level. 00:46:48.214 --> 00:46:48.663 What do you think 00:46:48.663 --> 00:46:49.473 is driving that? 00:46:49.763 --> 00:46:52.913 So I think Trump, if 00:46:52.913 --> 00:46:53.404 you're gonna be the 00:46:53.404 --> 00:46:54.643 Secretary of Defense 00:46:54.723 --> 00:46:56.263 under Trump, you've 00:46:56.263 --> 00:46:58.274 gotta find a way to 00:46:58.803 --> 00:47:00.014 deal with someone who 00:47:00.024 --> 00:47:01.453 has no tolerance for 00:47:01.453 --> 00:47:03.314 the com- complexity 00:47:03.983 --> 00:47:06.513 and the timeframes of 00:47:06.513 --> 00:47:08.333 a large organization. 00:47:09.283 --> 00:47:10.114 This is a guy who ran 00:47:10.114 --> 00:47:11.593 a tiny, in terms of 00:47:11.593 --> 00:47:12.544 number of employees, 00:47:12.544 --> 00:47:13.403 tiny company. 00:47:13.663 --> 00:47:14.193 He's not an 00:47:14.193 --> 00:47:14.853 operations 00:47:14.873 --> 00:47:15.723 guy, right? 00:47:16.183 --> 00:47:16.443 Yeah. 00:47:16.923 --> 00:47:18.793 And so he has 00:47:18.794 --> 00:47:19.464 no tolerance. 00:47:19.464 --> 00:47:20.274 He wants everything 00:47:20.274 --> 00:47:21.863 done in 24 hours, 00:47:22.453 --> 00:47:23.033 and he doesn't 00:47:23.033 --> 00:47:24.273 understand you 00:47:24.274 --> 00:47:25.573 can't get an aircraft 00:47:25.584 --> 00:47:26.443 carrier from here to 00:47:26.444 --> 00:47:28.033 there in 24 hours. 00:47:28.084 --> 00:47:28.373 Do you know 00:47:28.383 --> 00:47:28.483 what I mean? 00:47:28.963 --> 00:47:29.183 Yeah. 00:47:29.243 --> 00:47:30.053 And s- so he's 00:47:30.054 --> 00:47:30.853 very frustrated. 00:47:30.883 --> 00:47:31.873 Then you've got a 00:47:31.874 --> 00:47:33.074 Secretary of Defense 00:47:33.584 --> 00:47:34.433 who's clearly not 00:47:34.433 --> 00:47:35.133 qualified to be 00:47:35.143 --> 00:47:36.273 Secretary of Defense. 00:47:36.654 --> 00:47:36.874 Yeah. 00:47:38.404 --> 00:47:39.203 But one thing 00:47:39.213 --> 00:47:40.103 he's good at is 00:47:40.103 --> 00:47:40.844 saying, "Yes, sir," 00:47:40.844 --> 00:47:42.273 to Trump, right? 00:47:42.273 --> 00:47:42.383 Ri- 00:47:42.643 --> 00:47:42.843 right. 00:47:43.283 --> 00:47:44.173 And then he's got a 00:47:44.173 --> 00:47:45.893 huge infrastructure 00:47:46.323 --> 00:47:48.803 of people who are 00:47:48.803 --> 00:47:50.083 not necessarily in 00:47:50.084 --> 00:47:50.933 alignment with him 00:47:50.933 --> 00:47:51.703 and the president 00:47:51.764 --> 00:47:52.773 in all sorts of 00:47:52.773 --> 00:47:53.534 different ways. 00:47:54.223 --> 00:47:55.104 They haven't built 00:47:55.133 --> 00:47:57.299 a team- they 00:47:57.299 --> 00:47:58.160 don't have a common 00:47:58.220 --> 00:47:59.930 mission philosophy. 00:48:00.390 --> 00:48:00.790 They're not 00:48:00.790 --> 00:48:01.299 a seasoned 00:48:01.299 --> 00:48:02.180 team together. 00:48:03.730 --> 00:48:05.789 And but you have 00:48:05.790 --> 00:48:06.520 people underneath 00:48:06.520 --> 00:48:07.390 Hegseth who have 00:48:07.390 --> 00:48:08.649 far more experience 00:48:08.649 --> 00:48:09.549 in the military 00:48:09.959 --> 00:48:10.740 or in business, 00:48:10.740 --> 00:48:11.500 like Driscoll- 00:48:12.060 --> 00:48:12.279 Yeah 00:48:12.339 --> 00:48:13.690 … or in operations, 00:48:14.459 --> 00:48:15.819 and they find it 00:48:15.819 --> 00:48:16.789 frustrating to deal 00:48:16.789 --> 00:48:18.799 with him, and more 00:48:18.799 --> 00:48:19.799 than that, they find 00:48:19.799 --> 00:48:21.619 it very frustrating 00:48:21.929 --> 00:48:23.069 to deal with his 00:48:23.069 --> 00:48:24.299 Zionist allies. 00:48:24.379 --> 00:48:24.659 Yeah. 00:48:24.689 --> 00:48:25.069 Okay. 00:48:25.509 --> 00:48:26.850 So remember when 00:48:26.850 --> 00:48:27.920 Wilkerson said 00:48:27.929 --> 00:48:29.019 Mossad has the run 00:48:29.020 --> 00:48:29.790 of the building? 00:48:31.209 --> 00:48:32.859 You have now in front 00:48:32.860 --> 00:48:34.269 of Congress a plan to 00:48:34.270 --> 00:48:35.950 integrate the Israeli 00:48:35.959 --> 00:48:38.589 military into the US 00:48:38.589 --> 00:48:40.230 military, and what 00:48:40.230 --> 00:48:41.089 you're watching is 00:48:41.180 --> 00:48:42.170 everyone who knows 00:48:42.170 --> 00:48:42.909 what that means 00:48:43.149 --> 00:48:44.279 getting the hell out. 00:48:44.489 --> 00:48:44.809 Yeah. 00:48:44.989 --> 00:48:45.679 The cover story 00:48:45.680 --> 00:48:46.439 as this developed 00:48:46.459 --> 00:48:48.829 with Iran is two 00:48:48.829 --> 00:48:49.619 presentations were 00:48:49.619 --> 00:48:50.549 made to Donald Trump. 00:48:51.069 --> 00:48:51.979 The military guys on 00:48:51.980 --> 00:48:52.489 the one hand said, 00:48:52.500 --> 00:48:53.369 "Do not mess around 00:48:53.369 --> 00:48:54.279 with Iran. You can't 00:48:54.279 --> 00:48:55.799 win this war." And 00:48:55.799 --> 00:48:56.749 then Netanyahu, 00:48:56.759 --> 00:48:57.649 and Netanyahu said, 00:48:57.649 --> 00:48:58.559 "Yeah, Iran's at 00:48:58.559 --> 00:48:59.189 an all-time weak 00:48:59.189 --> 00:48:59.719 point. Let's go 00:48:59.719 --> 00:49:01.139 attack." And Trump 00:49:01.149 --> 00:49:01.879 believed Netanyahu. 00:49:02.249 --> 00:49:02.649 Now, I don't 00:49:02.649 --> 00:49:03.190 happen to believe 00:49:03.190 --> 00:49:03.789 that cover story. 00:49:03.789 --> 00:49:04.049 I think it's 00:49:04.060 --> 00:49:04.670 nonsense. 00:49:05.259 --> 00:49:05.809 I think, and 00:49:05.810 --> 00:49:06.010 Netanyahu 00:49:06.369 --> 00:49:07.030 did do that. 00:49:07.030 --> 00:49:07.729 I think he made that 00:49:07.730 --> 00:49:08.389 presentation, and 00:49:08.389 --> 00:49:09.010 I think that's a 00:49:09.020 --> 00:49:10.560 cover story, and that 00:49:10.560 --> 00:49:11.479 Netanyahu really is 00:49:11.480 --> 00:49:12.119 just the voice of 00:49:12.119 --> 00:49:12.899 the New York Fed. 00:49:13.660 --> 00:49:15.039 And that's… You 00:49:15.039 --> 00:49:15.879 just need a cartoon 00:49:15.880 --> 00:49:16.539 character called 00:49:16.549 --> 00:49:17.190 Israel and Netanyahu- 00:49:18.160 --> 00:49:18.769 To implement 00:49:18.789 --> 00:49:19.209 the central 00:49:19.209 --> 00:49:20.450 banking's desires. 00:49:20.450 --> 00:49:20.880 That's what's 00:49:20.880 --> 00:49:21.540 going on here. 00:49:22.219 --> 00:49:22.919 And the military's 00:49:22.919 --> 00:49:23.549 like, "No, you're not 00:49:23.549 --> 00:49:24.330 killing our guys." 00:49:25.039 --> 00:49:26.219 You ha- you do have 00:49:26.219 --> 00:49:27.359 a huge group of 00:49:27.369 --> 00:49:29.849 people who want to 00:49:30.359 --> 00:49:30.990 whether they're at 00:49:30.990 --> 00:49:31.919 the New York Fed or 00:49:31.919 --> 00:49:33.219 they're in Martha's 00:49:33.219 --> 00:49:35.259 Vineyard or LA, who 00:49:35.259 --> 00:49:36.250 wanna do the greater 00:49:36.250 --> 00:49:37.959 new Israel pro- And 00:49:37.969 --> 00:49:38.940 they're psychopaths. 00:49:39.130 --> 00:49:39.779 They're crazy. 00:49:39.779 --> 00:49:39.893 Yeah. 00:49:39.893 --> 00:49:40.119 Yeah, absolutely. 00:49:40.119 --> 00:49:40.509 They're crazy 00:49:40.509 --> 00:49:40.989 as loons. 00:49:40.989 --> 00:49:41.459 Yeah. 00:49:41.929 --> 00:49:43.649 And they have the 00:49:43.660 --> 00:49:44.389 bit in their teeth. 00:49:44.389 --> 00:49:45.159 It's like a horse 00:49:45.160 --> 00:49:46.019 that gets crazy. 00:49:46.719 --> 00:49:47.669 Once a horse gets 00:49:47.669 --> 00:49:49.329 away with a runaway 00:49:49.329 --> 00:49:49.949 and they get the bit 00:49:49.969 --> 00:49:51.089 in their teeth, it's, 00:49:51.099 --> 00:49:52.080 they're hard to stop. 00:49:52.489 --> 00:49:53.740 And these guys are so 00:49:53.749 --> 00:49:55.139 drunk on their power. 00:49:55.139 --> 00:49:56.229 Remember, they don't 00:49:56.230 --> 00:49:56.880 mind destroying 00:49:56.880 --> 00:49:57.679 the United States 00:49:57.679 --> 00:49:58.249 if it gets them 00:49:58.249 --> 00:49:58.890 what they want. 00:49:59.239 --> 00:49:59.639 They don't care 00:49:59.639 --> 00:50:00.559 about 50,000 dead 00:50:00.559 --> 00:50:01.439 soldiers at all, 00:50:01.559 --> 00:50:02.629 unless it threatens 00:50:03.139 --> 00:50:04.009 their cocktail hour. 00:50:04.359 --> 00:50:05.189 They're a tapeworm. 00:50:05.199 --> 00:50:05.689 They're happy 00:50:05.689 --> 00:50:06.649 to eat the host. 00:50:07.079 --> 00:50:07.359 Yeah. 00:50:08.199 --> 00:50:09.689 So and they're making 00:50:09.689 --> 00:50:10.959 money, and remember, 00:50:10.960 --> 00:50:11.589 they're hyper 00:50:11.589 --> 00:50:13.350 materialists, so you 00:50:13.350 --> 00:50:15.069 know, they … I 00:50:15.279 --> 00:50:16.459 think if you're 00:50:16.460 --> 00:50:17.749 a line military, 00:50:18.109 --> 00:50:18.950 you're not willing 00:50:18.950 --> 00:50:19.739 to risk your life 00:50:19.740 --> 00:50:20.529 and the life of your 00:50:20.529 --> 00:50:21.760 soldiers to give 00:50:21.789 --> 00:50:22.829 them what they want. 00:50:23.449 --> 00:50:24.509 And Hegseth is. 00:50:24.939 --> 00:50:25.759 And Trump is. 00:50:26.209 --> 00:50:26.596 So- Yeah, 00:50:26.596 --> 00:50:27.189 they don't care. 00:50:27.210 --> 00:50:28.249 Hegseth and Trump 00:50:30.219 --> 00:50:31.029 they're psychopaths 00:50:31.039 --> 00:50:31.479 themselves. 00:50:31.490 --> 00:50:31.909 They're g- They'll 00:50:31.910 --> 00:50:32.409 do whatever 00:50:32.410 --> 00:50:33.700 they wanna do. 00:50:34.699 --> 00:50:35.470 It's interesting 00:50:35.470 --> 00:50:37.579 because I think let 00:50:37.579 --> 00:50:38.259 me say it this way, 00:50:38.259 --> 00:50:38.980 and this is grossly 00:50:38.980 --> 00:50:39.719 oversimplified. 00:50:40.210 --> 00:50:41.109 You're reporting to 00:50:41.109 --> 00:50:41.999 a bunch of guys who 00:50:41.999 --> 00:50:43.259 have Epstein files 00:50:43.259 --> 00:50:44.109 and are gonna do 00:50:44.109 --> 00:50:44.899 whatever the people 00:50:44.899 --> 00:50:45.439 who control the 00:50:45.439 --> 00:50:46.499 Epstein files say. 00:50:47.570 --> 00:50:48.449 And what you know 00:50:48.449 --> 00:50:49.979 is you can't report 00:50:49.979 --> 00:50:50.820 to people like that 00:50:50.850 --> 00:50:51.459 because they're not 00:50:51.460 --> 00:50:52.550 subject to logic. 00:50:53.422 --> 00:50:53.662 Yeah 00:50:54.052 --> 00:50:54.562 They're subject 00:50:54.602 --> 00:50:55.102 to control 00:50:55.102 --> 00:50:57.742 files, so Right 00:51:00.512 --> 00:51:01.302 Let's keep it going 00:51:01.302 --> 00:51:02.201 with the Strategic 00:51:02.521 --> 00:51:03.312 Petroleum Reserve. 00:51:03.312 --> 00:51:04.352 It has dipped below 00:51:04.352 --> 00:51:06.662 now 300 million 00:51:06.662 --> 00:51:08.532 barrels in the 00:51:08.532 --> 00:51:10.232 US, and the cover 00:51:10.232 --> 00:51:11.431 story there from the 00:51:11.432 --> 00:51:12.171 administration is, 00:51:12.172 --> 00:51:12.761 "Don't worry about 00:51:12.762 --> 00:51:14.481 it, we're gonna take 00:51:14.481 --> 00:51:15.252 all the Venezuelan 00:51:15.252 --> 00:51:15.992 oil, so we'll 00:51:15.992 --> 00:51:16.602 make up for it." 00:51:16.902 --> 00:51:17.462 But that's not 00:51:17.492 --> 00:51:18.162 really gonna happen. 00:51:18.832 --> 00:51:19.802 Why Venezuelan 00:51:19.802 --> 00:51:21.562 crude cannot fill 00:51:21.721 --> 00:51:22.341 the petroleum 00:51:22.771 --> 00:51:24.942 reserve's 424 00:51:24.951 --> 00:51:26.051 million barrel gap. 00:51:26.061 --> 00:51:27.861 This number here 00:51:29.221 --> 00:51:29.951 they fixate on 00:51:29.951 --> 00:51:30.382 this and it's… 00:51:30.771 --> 00:51:31.421 You don't need to. 00:51:32.852 --> 00:51:33.941 This is what's key. 00:51:34.032 --> 00:51:34.792 The Strategic 00:51:34.841 --> 00:51:35.512 Petroleum Reserve 00:51:35.512 --> 00:51:36.482 level has fallen 00:51:36.622 --> 00:51:38.301 to 200 and, 00:51:38.742 --> 00:51:39.531 let's call it 90 00:51:39.532 --> 00:51:40.241 million barrels. 00:51:40.451 --> 00:51:41.632 It's low, okay? 00:51:42.872 --> 00:51:43.461 President Trump 00:51:43.461 --> 00:51:44.531 announced on August 00:51:44.532 --> 00:51:45.851 30th that Venezuelan 00:51:45.852 --> 00:51:46.541 oil would be used 00:51:46.551 --> 00:51:47.591 to replenish the 00:51:47.591 --> 00:51:48.502 Strategic Petroleum 00:51:48.502 --> 00:51:49.101 Res- Reserve 00:51:49.551 --> 00:51:50.321 very shortly. 00:51:51.521 --> 00:51:52.421 Venezuela currently 00:51:52.422 --> 00:51:53.591 exports roughly 00:51:53.791 --> 00:51:55.191 one to 1.2 million 00:51:55.192 --> 00:51:56.041 barrels a day, "So 00:51:56.041 --> 00:51:56.681 don't worry about 00:51:56.681 --> 00:51:57.341 it," says Trump. 00:51:58.142 --> 00:51:58.761 They give a little 00:51:58.761 --> 00:51:59.872 history here, but 00:51:59.922 --> 00:52:00.701 going back to the 00:52:00.712 --> 00:52:02.241 '73 oil embargo, 00:52:02.822 --> 00:52:03.462 the Strategic 00:52:03.492 --> 00:52:04.211 Petroleum Reserve 00:52:04.242 --> 00:52:05.081 was built to hold 00:52:05.081 --> 00:52:06.652 714 million barrels. 00:52:07.142 --> 00:52:07.802 That's where they're 00:52:07.811 --> 00:52:09.002 getting that deficit. 00:52:09.002 --> 00:52:09.401 They're like 00:52:09.411 --> 00:52:10.351 anything below that, 00:52:10.371 --> 00:52:11.121 anything below 714 00:52:12.102 --> 00:52:13.031 is the deficit. 00:52:14.051 --> 00:52:14.972 But here you go. 00:52:14.972 --> 00:52:15.572 This… What's 00:52:15.572 --> 00:52:17.221 important here is 00:52:18.772 --> 00:52:20.881 the, the reserve has 00:52:20.911 --> 00:52:22.321 shrunk due to war. 00:52:22.341 --> 00:52:23.961 In 2022, 00:52:23.961 --> 00:52:25.151 Biden released 00:52:25.572 --> 00:52:27.011 approximately 100 00:52:27.011 --> 00:52:27.531 mil- 80 million 00:52:27.532 --> 00:52:28.051 barrels of the 00:52:28.051 --> 00:52:29.432 reserve in response 00:52:29.432 --> 00:52:30.641 to Russia's military 00:52:30.642 --> 00:52:31.172 incursion into 00:52:31.172 --> 00:52:32.521 Ukraine, and then now 00:52:32.992 --> 00:52:33.332 you get a drawdown of 00:52:33.332 --> 00:52:35.301 172 merril- million 00:52:35.301 --> 00:52:36.962 barrels due to Iran. 00:52:38.032 --> 00:52:38.941 And now we s- we're 00:52:38.941 --> 00:52:39.641 gonna supposedly 00:52:39.642 --> 00:52:40.582 make it up, but 00:52:41.302 --> 00:52:42.112 it's not gonna work. 00:52:42.121 --> 00:52:43.071 Venezuela, while it 00:52:43.071 --> 00:52:44.361 sits on one of the 00:52:44.361 --> 00:52:45.591 largest hydrocarbon 00:52:45.602 --> 00:52:46.642 resources on 00:52:47.032 --> 00:52:48.931 the planet, most 00:52:48.931 --> 00:52:49.561 of Venezuela's 00:52:49.561 --> 00:52:50.961 output comes from 00:52:50.962 --> 00:52:54.651 the Orinoco, so 00:52:54.651 --> 00:52:54.701 Orinoco Belt. 00:52:54.701 --> 00:52:54.791 The emphasis 00:52:54.791 --> 00:52:55.231 is is on no, 00:52:59.751 --> 00:52:59.761 Orinoco. 00:52:59.761 --> 00:53:00.481 N-O, it's not 00:53:00.481 --> 00:53:01.021 gonna work. 00:53:02.121 --> 00:53:02.631 And the reason 00:53:02.631 --> 00:53:03.011 it's not gonna 00:53:03.011 --> 00:53:03.561 work is it's 00:53:03.582 --> 00:53:04.622 extra heavy crude. 00:53:04.622 --> 00:53:05.301 It's basically 00:53:05.301 --> 00:53:05.971 road tar. 00:53:06.061 --> 00:53:06.601 It's not… It… 00:53:06.612 --> 00:53:07.241 There are a few, 00:53:07.252 --> 00:53:08.511 very few refineries 00:53:08.951 --> 00:53:09.741 that can efficiently 00:53:09.752 --> 00:53:11.071 process that kind 00:53:11.071 --> 00:53:12.301 of oil, okay? 00:53:12.321 --> 00:53:12.962 It's just not 00:53:12.962 --> 00:53:13.571 gonna happen. 00:53:14.181 --> 00:53:15.391 Venezuela's d- So 00:53:15.761 --> 00:53:16.342 the one problem 00:53:16.342 --> 00:53:16.871 is physical. 00:53:16.871 --> 00:53:17.671 You can't process 00:53:17.672 --> 00:53:19.251 this road tar oil 00:53:19.252 --> 00:53:19.991 from Venezuela. 00:53:20.791 --> 00:53:21.741 The other problem 00:53:21.761 --> 00:53:23.572 is that even if you 00:53:23.572 --> 00:53:24.722 could get all the 00:53:24.722 --> 00:53:26.182 one point… Even if 00:53:26.182 --> 00:53:27.691 that's were refined 00:53:29.422 --> 00:53:30.622 The volume available 00:53:31.232 --> 00:53:32.832 for the Strategic 00:53:32.832 --> 00:53:35.222 Petroleum Reserve is 00:53:35.222 --> 00:53:36.182 that Venezuela has 00:53:36.202 --> 00:53:36.992 other commitments 00:53:37.002 --> 00:53:38.332 already on that oil. 00:53:38.731 --> 00:53:39.751 It, only a fraction 00:53:39.762 --> 00:53:40.222 is gonna be 00:53:40.222 --> 00:53:41.981 available to divert 00:53:41.992 --> 00:53:43.152 into the SPR. 00:53:43.162 --> 00:53:44.052 So the Venezuelan 00:53:44.652 --> 00:53:45.472 stealing the oil 00:53:45.472 --> 00:53:46.282 story is just not, 00:53:46.451 --> 00:53:47.171 it doesn't add up. 00:53:47.182 --> 00:53:47.872 It's not gonna work. 00:53:48.822 --> 00:53:49.451 Yeah, so there's 00:53:49.481 --> 00:53:50.242 no indication 00:53:50.242 --> 00:53:51.071 it's gonna rise. 00:53:51.102 --> 00:53:52.922 Now, I don't see 00:53:52.922 --> 00:53:53.561 how they can pull 00:53:53.561 --> 00:53:54.581 more out without 00:53:55.531 --> 00:53:56.521 real danger. 00:53:57.381 --> 00:53:58.351 Yeah, again, it's 00:53:58.851 --> 00:53:59.882 it's a long way away. 00:53:59.882 --> 00:54:00.201 You gotta have 00:54:00.201 --> 00:54:00.961 extracted… 00:54:02.512 --> 00:54:02.942 There's… You 00:54:02.942 --> 00:54:03.851 can't just snap your 00:54:03.852 --> 00:54:06.192 fingers and t- turn 00:54:06.242 --> 00:54:07.911 road tar that's t- 00:54:07.911 --> 00:54:09.312 1,500 miles away 00:54:09.312 --> 00:54:10.701 into gas at the pump. 00:54:11.471 --> 00:54:11.682 What are you 00:54:11.682 --> 00:54:12.391 talking about? 00:54:13.832 --> 00:54:14.491 But that's 00:54:14.492 --> 00:54:15.122 the mentality. 00:54:15.411 --> 00:54:15.832 That's the 00:54:15.861 --> 00:54:16.582 mentality of these 00:54:16.582 --> 00:54:17.831 red tapers in DC. 00:54:20.832 --> 00:54:21.381 They've lived 00:54:21.381 --> 00:54:21.991 in a trading 00:54:21.992 --> 00:54:22.901 sardine world. 00:54:23.391 --> 00:54:23.771 Yeah. 00:54:24.141 --> 00:54:24.791 They're not used to 00:54:24.791 --> 00:54:26.051 cans you open up and 00:54:26.181 --> 00:54:26.691 you discover nothing. 00:54:27.082 --> 00:54:27.591 They're not, they're 00:54:27.591 --> 00:54:28.341 absolutely not. 00:54:28.641 --> 00:54:29.421 It's, it doesn't 00:54:29.611 --> 00:54:30.471 occur to them. 00:54:32.142 --> 00:54:32.672 You can't- 00:54:35.018 --> 00:54:36.288 you can't just 00:54:36.558 --> 00:54:37.678 snap your fingers 00:54:38.067 --> 00:54:39.348 and make oil 00:54:39.658 --> 00:54:40.587 come out of taps. 00:54:40.598 --> 00:54:40.877 It doesn't 00:54:40.898 --> 00:54:41.468 work that way 00:54:41.558 --> 00:54:42.908 So I told you the, 00:54:43.277 --> 00:54:44.627 after or during and 00:54:44.627 --> 00:54:45.848 after the pandemic, 00:54:46.147 --> 00:54:47.558 we threw 80 companies 00:54:47.558 --> 00:54:48.258 off the Solaria 00:54:48.298 --> 00:54:48.968 World Screen. 00:54:49.627 --> 00:54:50.367 And one of the 00:54:50.377 --> 00:54:50.967 things that got 00:54:50.968 --> 00:54:52.337 you thrown off is 00:54:52.337 --> 00:54:53.348 if your board went 00:54:53.348 --> 00:54:54.177 from being mostly 00:54:54.177 --> 00:54:55.047 engineers who knew 00:54:55.058 --> 00:54:55.807 how to do whatever 00:54:55.808 --> 00:54:56.947 you were doing- Yeah 00:54:56.947 --> 00:54:58.237 to all MBAs 00:54:58.567 --> 00:54:59.567 I'm an MBA. 00:54:59.567 --> 00:54:59.757 Yeah. 00:55:00.048 --> 00:55:01.538 So you were off. 00:55:01.697 --> 00:55:02.298 That was it. 00:55:02.948 --> 00:55:03.258 Yeah. 00:55:03.868 --> 00:55:03.898 That's a good 00:55:03.898 --> 00:55:03.908 decision. 00:55:04.808 --> 00:55:05.557 If suddenly you had 00:55:05.558 --> 00:55:06.507 three private equity 00:55:06.507 --> 00:55:08.718 guys and five MBAs 00:55:08.757 --> 00:55:09.948 and no engineers, 00:55:10.037 --> 00:55:11.168 bye, you're off. 00:55:11.178 --> 00:55:12.137 So that was the 00:55:12.138 --> 00:55:13.278 pandemic that tossed 00:55:13.278 --> 00:55:14.367 off 80 companies. 00:55:14.548 --> 00:55:15.587 So how many, what, 00:55:15.597 --> 00:55:16.047 how many companies 00:55:16.048 --> 00:55:16.698 did you start with 00:55:16.698 --> 00:55:17.277 on the screen? 00:55:17.767 --> 00:55:18.337 So I'm trying to 00:55:18.338 --> 00:55:19.098 remember we had 00:55:19.098 --> 00:55:19.887 when we started, 00:55:19.897 --> 00:55:20.937 but it was, at the 00:55:20.947 --> 00:55:21.718 time we threw it 00:55:21.718 --> 00:55:22.497 off, it took us 00:55:22.498 --> 00:55:24.248 from about 650 down- 00:55:25.077 --> 00:55:26.067 So over 10% 00:55:26.607 --> 00:55:27.018 … Yeah. 00:55:27.018 --> 00:55:27.258 Yeah. 00:55:28.107 --> 00:55:28.857 It was horrible 00:55:28.857 --> 00:55:30.007 because, and I 00:55:30.007 --> 00:55:30.737 write about it. 00:55:30.908 --> 00:55:31.947 I did a movie review 00:55:31.947 --> 00:55:32.567 of the two new 00:55:32.577 --> 00:55:33.387 documentaries on 00:55:33.388 --> 00:55:34.078 Boeing, and I write 00:55:34.078 --> 00:55:35.097 about it because, 00:55:35.417 --> 00:55:36.127 and this gets to 00:55:36.127 --> 00:55:36.647 the heart of the 00:55:36.647 --> 00:55:37.587 misallocation of 00:55:37.587 --> 00:55:38.397 capital that's been 00:55:38.397 --> 00:55:39.538 going on in America. 00:55:40.027 --> 00:55:40.217 Yeah. 00:55:42.468 --> 00:55:45.158 You go from a world 00:55:45.167 --> 00:55:46.707 where you're running 00:55:46.708 --> 00:55:48.778 a great company, and 00:55:48.778 --> 00:55:50.387 then suddenly you 00:55:50.388 --> 00:55:51.237 think your business 00:55:51.237 --> 00:55:52.767 is stock marketplace, 00:55:53.038 --> 00:55:53.948 and all you do is 00:55:53.948 --> 00:55:54.957 extract value from 00:55:54.958 --> 00:55:55.628 the company, and you 00:55:55.628 --> 00:55:56.287 end up destroying 00:55:56.288 --> 00:55:56.817 the company. 00:55:56.977 --> 00:55:57.297 Yeah. 00:55:57.297 --> 00:55:58.347 And I'll never 00:55:58.347 --> 00:55:59.538 forgot, m- one of my 00:55:59.538 --> 00:56:00.408 favorite companies 00:56:00.408 --> 00:56:01.357 in the world at 00:56:01.358 --> 00:56:01.897 the beginning of 00:56:01.897 --> 00:56:02.607 the pandemic was 00:56:02.608 --> 00:56:03.448 Qantas Airline. 00:56:04.227 --> 00:56:04.587 And- 00:56:04.587 --> 00:56:05.327 Did you… Qantas? 00:56:05.327 --> 00:56:05.967 Qantas. 00:56:06.067 --> 00:56:06.178 Okay. 00:56:06.227 --> 00:56:08.357 And if you had told 00:56:08.358 --> 00:56:08.947 me at the beginning 00:56:08.947 --> 00:56:09.997 of panic- pandemic 00:56:09.998 --> 00:56:10.717 that I would throw 00:56:10.917 --> 00:56:11.558 Qantas off the 00:56:11.558 --> 00:56:12.148 screen, I would've 00:56:12.148 --> 00:56:12.467 said, "That's 00:56:12.467 --> 00:56:13.858 impossible," it's 00:56:13.858 --> 00:56:14.787 such a great company. 00:56:15.377 --> 00:56:16.147 But, and they have 00:56:16.147 --> 00:56:16.968 one of the finest 00:56:16.968 --> 00:56:17.877 safety records in 00:56:17.877 --> 00:56:19.027 the airline industry. 00:56:19.347 --> 00:56:19.607 Yeah. 00:56:19.617 --> 00:56:20.177 And there they 00:56:20.178 --> 00:56:22.148 are firing pilots 00:56:22.377 --> 00:56:23.307 that mandating the 00:56:23.307 --> 00:56:24.617 shot that causes 00:56:24.647 --> 00:56:25.268 blood clots- Yeah 00:56:25.268 --> 00:56:26.278 and strokes and heart 00:56:26.278 --> 00:56:27.988 attacks on their 00:56:27.998 --> 00:56:30.547 pilots, and then the 00:56:30.557 --> 00:56:31.487 most experienced 00:56:31.487 --> 00:56:32.497 guys walking out 00:56:32.498 --> 00:56:33.157 because they won't 00:56:33.157 --> 00:56:34.665 do it You know, 00:56:34.665 --> 00:56:35.356 'cause it's also, 00:56:35.596 --> 00:56:36.076 y- they don't wanna 00:56:36.076 --> 00:56:36.766 die, but they know 00:56:36.766 --> 00:56:37.706 it's a safety issue. 00:56:38.176 --> 00:56:38.665 And you think, 00:56:38.866 --> 00:56:39.366 how could an 00:56:39.366 --> 00:56:40.016 airline do that? 00:56:40.176 --> 00:56:40.746 Of course they, 00:56:41.145 --> 00:56:41.716 somebody in the 00:56:41.716 --> 00:56:42.395 government put the 00:56:42.395 --> 00:56:43.176 national security 00:56:43.176 --> 00:56:43.746 squeeze on them. 00:56:43.746 --> 00:56:44.996 But there's a point 00:56:44.996 --> 00:56:45.806 at which you have 00:56:45.806 --> 00:56:47.065 to say, "No I'm 00:56:47.066 --> 00:56:47.966 not. People are 00:56:47.966 --> 00:56:48.765 gonna die. I'm not 00:56:48.766 --> 00:56:49.446 gonna do this." 00:56:49.726 --> 00:56:50.386 D- yeah. 00:56:50.485 --> 00:56:51.535 That, that pandemic 00:56:51.536 --> 00:56:53.266 made people, the shot 00:56:53.276 --> 00:56:54.486 made people cuckoo. 00:56:55.676 --> 00:56:57.756 But you also saw a 00:56:57.756 --> 00:56:59.745 real move before and 00:56:59.745 --> 00:57:01.326 during and after of 00:57:01.326 --> 00:57:02.635 private equity moving 00:57:02.635 --> 00:57:03.855 in and re-engineering 00:57:03.856 --> 00:57:04.746 the company so they 00:57:04.746 --> 00:57:05.545 go from being great 00:57:05.545 --> 00:57:06.665 companies to just 00:57:07.036 --> 00:57:08.075 a stock market play 00:57:08.076 --> 00:57:09.696 that clearly is y- 00:57:10.556 --> 00:57:12.276 you lose your really 00:57:12.276 --> 00:57:12.955 good governance 00:57:12.955 --> 00:57:13.725 and management. 00:57:14.005 --> 00:57:15.575 Yeah but the, 00:57:15.635 --> 00:57:16.985 the making pilots 00:57:16.986 --> 00:57:17.496 take a shot, 00:57:17.525 --> 00:57:18.125 that's not making 00:57:18.125 --> 00:57:18.906 the company good. 00:57:20.075 --> 00:57:21.035 What do you what, 00:57:21.146 --> 00:57:21.595 that's, there's 00:57:21.595 --> 00:57:22.866 no, what financial 00:57:22.866 --> 00:57:23.875 motivation is there 00:57:23.875 --> 00:57:24.775 to tell a pilot, 00:57:25.606 --> 00:57:26.275 "You need to take 00:57:26.275 --> 00:57:27.165 this injection or 00:57:27.415 --> 00:57:27.845 you c- you're gonna 00:57:27.845 --> 00:57:28.435 be unemployed"? 00:57:28.946 --> 00:57:29.645 What, how does that 00:57:29.676 --> 00:57:30.516 help the company- 00:57:31.106 --> 00:57:31.406 No, it doesn't 00:57:31.406 --> 00:57:31.735 financially? 00:57:31.735 --> 00:57:32.275 It destroy, it 00:57:32.275 --> 00:57:33.275 destroys the company. 00:57:33.915 --> 00:57:34.425 So- 00:57:34.885 --> 00:57:35.316 It's, it 00:57:35.545 --> 00:57:35.796 destroys … why 00:57:35.796 --> 00:57:36.456 are you doing that? 00:57:37.982 --> 00:57:38.662 Good question. 00:57:39.812 --> 00:57:39.902 Good 00:57:39.902 --> 00:57:40.212 question I 00:57:40.892 --> 00:57:40.972 don't understa- I 00:57:40.972 --> 00:57:41.642 understand why the 00:57:41.652 --> 00:57:44.012 people the Bill 00:57:44.022 --> 00:57:44.622 Gates of the world, 00:57:44.632 --> 00:57:45.702 they wanna depopulate 00:57:45.712 --> 00:57:46.352 the whole world. 00:57:47.291 --> 00:57:47.932 Th- yeah, that's 00:57:47.961 --> 00:57:48.762 makes, it makes 00:57:48.762 --> 00:57:49.472 sense if that, 00:57:49.512 --> 00:57:50.532 if QAnon is their 00:57:50.532 --> 00:57:52.111 company, but it's not 00:57:52.451 --> 00:57:54.241 Based on the CEOs or 00:57:54.382 --> 00:57:55.391 that I know about, 00:57:55.902 --> 00:57:57.411 they had directives 00:57:57.422 --> 00:57:58.811 from essentially the 00:57:58.812 --> 00:57:59.672 national security 00:57:59.672 --> 00:58:00.191 state from the 00:58:00.191 --> 00:58:00.821 government that 00:58:00.822 --> 00:58:01.542 they had to do it 00:58:01.542 --> 00:58:02.151 or the government 00:58:02.152 --> 00:58:02.811 would destroy them. 00:58:03.781 --> 00:58:04.452 In other words, they 00:58:04.452 --> 00:58:05.342 felt they didn't 00:58:05.342 --> 00:58:06.092 have a choice. 00:58:06.482 --> 00:58:07.602 Yeah, but I 00:58:07.602 --> 00:58:08.211 experienced the 00:58:08.211 --> 00:58:09.922 cuckoo firsthand. 00:58:10.452 --> 00:58:11.111 I was working 00:58:11.121 --> 00:58:11.682 at a firm. 00:58:12.442 --> 00:58:13.341 I had not been paid 00:58:13.341 --> 00:58:14.341 in over a year. 00:58:14.722 --> 00:58:15.212 I was living 00:58:15.312 --> 00:58:16.611 160 miles away 00:58:16.611 --> 00:58:17.212 from Chicago. 00:58:17.212 --> 00:58:17.692 I was living in 00:58:17.711 --> 00:58:18.701 Amish country on 00:58:18.701 --> 00:58:20.881 a lake in a small 00:58:20.882 --> 00:58:22.022 two-bedroom house. 00:58:22.801 --> 00:58:24.272 D- not, and we're… 00:58:24.281 --> 00:58:25.191 I haven't been to 00:58:25.222 --> 00:58:26.421 its Chicago office in 00:58:26.422 --> 00:58:27.412 months, and they call 00:58:27.412 --> 00:58:28.422 me, and I'm thinking, 00:58:28.422 --> 00:58:29.072 "Okay, I'm gonna get 00:58:29.211 --> 00:58:29.691 f- get some of my…" 00:58:29.861 --> 00:58:30.191 No. 00:58:30.661 --> 00:58:31.281 They call me wanting 00:58:31.281 --> 00:58:32.031 to know if I've 00:58:32.031 --> 00:58:32.861 gotten a shot. 00:58:34.571 --> 00:58:35.332 What is wrong 00:58:35.341 --> 00:58:35.791 with you? 00:58:38.741 --> 00:58:38.831 I'm like- So they- 00:58:38.831 --> 00:58:39.481 … "No, I have not 00:58:39.492 --> 00:58:41.621 gotten a shot" did 00:58:41.621 --> 00:58:41.691 they have government- 00:58:41.701 --> 00:58:41.731 and don't worry 00:58:41.731 --> 00:58:41.931 about it 'cause I'm- 00:58:41.931 --> 00:58:42.392 Did they have 00:58:42.392 --> 00:58:43.222 government business 00:58:43.222 --> 00:58:43.962 or contracts? 00:58:45.821 --> 00:58:46.081 Nope 00:58:46.152 --> 00:58:46.612 Okay 00:58:46.781 --> 00:58:47.491 It was a guy who 00:58:47.491 --> 00:58:48.361 went just the head 00:58:48.361 --> 00:58:49.441 of the firm was all 00:58:49.451 --> 00:58:51.201 in on the propaganda. 00:58:51.201 --> 00:58:52.062 He slurped it 00:58:52.062 --> 00:58:53.571 up, gobbled it up 00:58:53.591 --> 00:58:54.272 like it was on the 00:58:54.272 --> 00:58:55.241 McDonald, and he 00:58:55.781 --> 00:58:56.851 was on a mission. 00:58:56.891 --> 00:58:57.771 It was unb- I 00:58:57.771 --> 00:58:58.172 was like, "Are 00:58:58.172 --> 00:59:00.291 you… What's 00:59:00.302 --> 00:59:01.121 wrong with you?" 00:59:03.461 --> 00:59:03.901 "Why don't you get 00:59:03.911 --> 00:59:04.712 some bills out? 00:59:04.751 --> 00:59:05.521 Why don't… Maybe 00:59:05.521 --> 00:59:06.371 you should do that." 00:59:06.591 --> 00:59:07.051 Yeah. 00:59:07.211 --> 00:59:07.651 Anyway I, 00:59:07.651 --> 00:59:08.771 I don't know 00:59:08.771 --> 00:59:09.442 what to tell you 00:59:10.012 --> 00:59:10.321 That's what, I 00:59:10.321 --> 00:59:10.661 mean- All I can 00:59:10.661 --> 00:59:11.591 tell you is it, it- 00:59:11.591 --> 00:59:11.871 people, you've 00:59:11.871 --> 00:59:12.731 lost your mind if 00:59:12.731 --> 00:59:13.291 you're doing that. 00:59:13.291 --> 00:59:13.771 You're lo- It was- 00:59:14.021 --> 00:59:15.312 You're… Something's 00:59:15.312 --> 00:59:15.891 wrong with you 00:59:16.251 --> 00:59:17.511 It was good for us 00:59:17.561 --> 00:59:18.712 in, in the sense 00:59:19.652 --> 00:59:20.832 that people who 00:59:20.832 --> 00:59:21.291 thought it was 00:59:21.311 --> 00:59:22.202 prestigious to work 00:59:22.202 --> 00:59:23.011 for a big company 00:59:23.012 --> 00:59:23.481 and not for a 00:59:23.481 --> 00:59:24.322 little company like 00:59:24.322 --> 00:59:25.671 Solari suddenly 00:59:25.671 --> 00:59:26.371 realized there's 00:59:26.372 --> 00:59:27.321 enormous benefits 00:59:27.332 --> 00:59:27.942 to working for a 00:59:27.942 --> 00:59:28.771 company that doesn't 00:59:28.771 --> 00:59:29.701 wanna poison you. 00:59:30.641 --> 00:59:30.731 Yeah. 00:59:32.241 --> 00:59:34.081 Anyway, let's go on. 00:59:34.091 --> 00:59:34.771 I wanted… This next 00:59:34.771 --> 00:59:35.831 story is about th- 00:59:35.841 --> 00:59:36.771 this totally reflects 00:59:37.101 --> 00:59:38.082 the American elite 00:59:38.082 --> 00:59:39.711 mentality oh, if 00:59:39.711 --> 00:59:40.712 it's, if we can fix 00:59:40.712 --> 00:59:42.291 the problem with red 00:59:42.291 --> 00:59:43.262 tape, money printing, 00:59:43.281 --> 00:59:44.251 or propaganda. 00:59:44.391 --> 00:59:45.371 The- let's go to 00:59:45.371 --> 00:59:46.221 the latter category. 00:59:46.221 --> 00:59:46.462 This is The 00:59:46.462 --> 00:59:47.172 Washington Post. 00:59:47.172 --> 00:59:48.912 "Pentagon secretly 00:59:48.912 --> 00:59:50.091 installs military 00:59:50.122 --> 00:59:51.022 influencers in 00:59:51.022 --> 00:59:51.702 civilian roles." 00:59:51.711 --> 00:59:52.531 So don't worry about 00:59:52.531 --> 00:59:53.252 losing the war. 00:59:53.702 --> 00:59:54.121 As long as you 00:59:54.122 --> 00:59:54.782 can talk it up and 00:59:54.782 --> 00:59:56.221 you tell people 00:59:56.251 --> 00:59:56.761 you're winning the 00:59:56.762 --> 00:59:57.321 war, you just lie 00:59:57.321 --> 00:59:57.781 through your teeth, 00:59:57.781 --> 00:59:58.381 everything's fine. 00:59:58.641 --> 00:59:59.392 Can I just point 00:59:59.392 --> 01:00:00.302 out one, one of the 01:00:00.302 --> 01:00:01.161 headlines we covered, 01:00:01.161 --> 01:00:01.832 I think it was six 01:00:01.832 --> 01:00:02.511 months ago, is the 01:00:02.512 --> 01:00:03.351 fact that they booted 01:00:03.351 --> 01:00:04.102 the press corps out 01:00:04.102 --> 01:00:04.762 of the Pentagon. 01:00:05.512 --> 01:00:05.792 Yeah 01:00:06.031 --> 01:00:06.632 So now we have 01:00:06.632 --> 01:00:07.982 social… Press corps 01:00:07.982 --> 01:00:09.291 out, social media in 01:00:09.331 --> 01:00:10.041 Social media 01:00:10.051 --> 01:00:10.811 in, here we go. 01:00:10.842 --> 01:00:11.285 This is g- 01:00:11.285 --> 01:00:11.741 this is hire. 01:00:12.551 --> 01:00:13.142 Let's just hire 01:00:13.142 --> 01:00:13.481 people on YouTube 01:00:14.171 --> 01:00:16.311 and Twitter and pay 01:00:16.312 --> 01:00:17.471 'em and- tell to 01:00:18.221 --> 01:00:20.144 sell our story The 01:00:20.144 --> 01:00:21.244 Pentagon has secretly 01:00:21.244 --> 01:00:22.424 installed several 01:00:22.694 --> 01:00:23.674 conservative military 01:00:23.684 --> 01:00:25.164 veterans with large 01:00:25.164 --> 01:00:26.234 online followings 01:00:26.264 --> 01:00:27.484 in government roles, 01:00:27.874 --> 01:00:28.974 declining to disclose 01:00:28.974 --> 01:00:29.684 their assignments 01:00:29.693 --> 01:00:30.814 as they amplify 01:00:31.224 --> 01:00:32.264 Hegseth's viewpoints 01:00:32.264 --> 01:00:33.074 and attack those 01:00:33.074 --> 01:00:34.203 who ask questions 01:00:34.204 --> 01:00:34.914 about the Trump 01:00:34.914 --> 01:00:35.584 administration, 01:00:36.114 --> 01:00:36.594 according to 01:00:36.594 --> 01:00:37.154 people familiar 01:00:37.154 --> 01:00:37.774 with the matter 01:00:37.774 --> 01:00:38.204 and corroborating 01:00:39.043 --> 01:00:39.643 material. 01:00:40.514 --> 01:00:41.423 Neither the Pentagon 01:00:41.434 --> 01:00:42.344 nor those involved 01:00:42.354 --> 01:00:43.743 has disclosed the 01:00:43.744 --> 01:00:44.603 government roles. 01:00:45.094 --> 01:00:45.894 Those involved 01:00:45.903 --> 01:00:47.153 include Rob Manus, 01:00:47.153 --> 01:00:47.874 a retired Air 01:00:47.874 --> 01:00:49.174 Force colonel, and 01:00:49.174 --> 01:00:50.103 Kurt Schlichter, a 01:00:50.104 --> 01:00:51.283 retired Army colonel. 01:00:51.914 --> 01:00:53.043 Both have active 01:00:53.144 --> 01:00:53.604 government 01:00:53.613 --> 01:00:54.674 email addresses. 01:00:55.174 --> 01:00:56.134 Manus has more than 01:00:56.134 --> 01:00:57.803 135,000 followers on 01:00:57.813 --> 01:00:58.763 X, while Schlichter 01:00:58.773 --> 01:01:00.484 has nearly 620,000. 01:01:00.484 --> 01:01:02.113 So these aren't 01:01:02.413 --> 01:01:03.554 the top rock stars. 01:01:03.554 --> 01:01:05.453 These are good, 01:01:05.494 --> 01:01:06.873 solid followings, 01:01:06.874 --> 01:01:07.223 and they're on 01:01:07.223 --> 01:01:07.993 the payroll now. 01:01:08.494 --> 01:01:09.323 Another retired 01:01:09.334 --> 01:01:10.203 Army colonel and 01:01:10.203 --> 01:01:10.973 influencer is 01:01:10.973 --> 01:01:11.924 Thomas Anderson. 01:01:12.203 --> 01:01:13.104 He's got an email 01:01:13.104 --> 01:01:13.623 address with the 01:01:13.624 --> 01:01:14.234 government, too. 01:01:14.653 --> 01:01:15.623 Manus and Schlichter 01:01:15.623 --> 01:01:16.803 did not respond to 01:01:16.823 --> 01:01:17.593 emails and other 01:01:17.593 --> 01:01:18.574 messages asking 01:01:18.574 --> 01:01:19.103 for comment. 01:01:19.643 --> 01:01:20.863 Anderson declined to 01:01:20.973 --> 01:01:22.013 comment in a short 01:01:22.014 --> 01:01:23.294 phone call as well. 01:01:25.453 --> 01:01:26.293 But the Pentagon, 01:01:26.783 --> 01:01:27.444 one guy who did 01:01:27.444 --> 01:01:28.263 comment is a 01:01:28.264 --> 01:01:29.144 former Republican 01:01:29.144 --> 01:01:29.833 congressman 01:01:29.834 --> 01:01:30.593 and Air Force 01:01:30.874 --> 01:01:31.293 veteran, A- Adam 01:01:33.423 --> 01:01:34.293 Kinzinger, who 01:01:34.313 --> 01:01:35.414 said, "The Pentagon 01:01:35.433 --> 01:01:36.993 is using your tax 01:01:36.993 --> 01:01:38.064 dollars to hire 01:01:38.084 --> 01:01:39.534 influencers on X 01:01:40.014 --> 01:01:41.733 to put out partisan 01:01:41.773 --> 01:01:42.743 talking points." 01:01:44.124 --> 01:01:45.424 Yeah, so be very 01:01:45.424 --> 01:01:46.393 wary of what you… 01:01:46.423 --> 01:01:47.393 When you see somebody 01:01:47.673 --> 01:01:48.484 suddenly promoted 01:01:48.484 --> 01:01:49.094 out of nowhere on 01:01:49.094 --> 01:01:50.613 social media, think 01:01:50.624 --> 01:01:51.513 about this article. 01:01:51.554 --> 01:01:52.863 So I was working 01:01:52.863 --> 01:01:55.033 with a f- a, a 01:01:55.033 --> 01:01:55.974 research shop in 01:01:55.974 --> 01:01:57.154 London, investment 01:01:57.164 --> 01:01:59.603 research, and they 01:01:59.603 --> 01:02:00.334 were publishing my 01:02:00.334 --> 01:02:01.033 stuff on all the 01:02:01.033 --> 01:02:01.844 money going missing 01:02:01.853 --> 01:02:02.723 from the Pentagon. 01:02:02.843 --> 01:02:03.223 Yeah. 01:02:03.353 --> 01:02:04.313 And all of a sudden, 01:02:04.313 --> 01:02:04.873 a guy from the 01:02:04.874 --> 01:02:05.913 Pentagon shows up 01:02:05.913 --> 01:02:06.563 and goes on their 01:02:06.563 --> 01:02:09.294 board and is paid by 01:02:09.294 --> 01:02:10.613 them to fly over and 01:02:10.613 --> 01:02:11.594 is hustling them. 01:02:12.014 --> 01:02:12.863 Now, when I was 01:02:12.863 --> 01:02:13.644 in government, you 01:02:13.644 --> 01:02:14.373 couldn't do that. 01:02:14.374 --> 01:02:15.233 You couldn't be 01:02:15.533 --> 01:02:16.803 working in the Office 01:02:16.804 --> 01:02:18.173 of the Secretary 01:02:18.173 --> 01:02:19.743 of Defense as a 01:02:19.913 --> 01:02:21.533 major policy person, 01:02:21.874 --> 01:02:23.273 high-level civil 01:02:23.273 --> 01:02:25.103 servant, and work for 01:02:25.103 --> 01:02:26.013 a research shop in 01:02:26.014 --> 01:02:26.853 the City of London, 01:02:26.853 --> 01:02:27.934 investment research, 01:02:27.934 --> 01:02:28.674 and fly back and 01:02:28.674 --> 01:02:29.243 forth and go to 01:02:29.243 --> 01:02:29.913 board meetings and 01:02:29.924 --> 01:02:30.453 be on their board. 01:02:30.463 --> 01:02:31.303 You couldn't do that. 01:02:31.303 --> 01:02:31.463 But he 01:02:31.463 --> 01:02:31.543 was- 01:02:31.833 --> 01:02:32.143 Wh- what 01:02:32.143 --> 01:02:32.903 could… And why 01:02:32.903 --> 01:02:33.603 couldn't you do that? 01:02:34.383 --> 01:02:34.693 Well- 01:02:34.704 --> 01:02:35.273 What prevented you 01:02:35.273 --> 01:02:35.613 from doing that? 01:02:35.824 --> 01:02:36.513 It was considered 01:02:36.523 --> 01:02:36.983 conflicts 01:02:36.984 --> 01:02:37.513 of interest. 01:02:37.514 --> 01:02:38.393 It was a violation of 01:02:38.393 --> 01:02:39.683 ethics to take money- 01:02:39.693 --> 01:02:40.323 Yeah it's 01:02:40.323 --> 01:02:40.843 written down 01:02:40.843 --> 01:02:41.503 somewhere, though. 01:02:42.563 --> 01:02:42.993 Yeah. 01:02:43.093 --> 01:02:44.603 Yeah there were 01:02:44.603 --> 01:02:45.373 rules and all that 01:02:45.374 --> 01:02:46.963 sorts of stuff but 01:02:46.963 --> 01:02:47.734 he was clearly 01:02:47.734 --> 01:02:48.313 there to do a 01:02:48.314 --> 01:02:49.744 hit on me, right? 01:02:50.153 --> 01:02:51.143 And to kinda drive 01:02:51.163 --> 01:02:51.774 me out, which 01:02:51.774 --> 01:02:52.653 he succeeded in 01:02:52.653 --> 01:02:53.574 doing ultimately 01:02:54.433 --> 01:02:56.813 and but now the 01:02:56.814 --> 01:02:58.253 idea that somebody 01:02:58.583 --> 01:02:59.423 who worked at the 01:02:59.424 --> 01:03:00.173 Pentagon would be 01:03:00.174 --> 01:03:01.654 allowed to comment 01:03:01.654 --> 01:03:02.653 on Twitter on any 01:03:02.674 --> 01:03:05.544 policy issue That's- 01:03:05.564 --> 01:03:05.894 Yeah 01:03:06.514 --> 01:03:07.204 … From when I 01:03:07.204 --> 01:03:07.984 was there, that 01:03:07.984 --> 01:03:09.054 was impossible. 01:03:10.204 --> 01:03:10.544 Yeah. 01:03:10.984 --> 01:03:11.744 You would never 01:03:11.754 --> 01:03:12.634 have been able to do 01:03:12.634 --> 01:03:13.444 something like that. 01:03:15.534 --> 01:03:16.174 But there's this… 01:03:16.244 --> 01:03:17.124 It's no holds 01:03:17.124 --> 01:03:18.074 barred on social 01:03:18.074 --> 01:03:20.564 media, right? 01:03:20.574 --> 01:03:21.334 It's kinda anything. 01:03:21.343 --> 01:03:21.954 We'll see that a 01:03:21.954 --> 01:03:22.554 little bit in the 01:03:22.794 --> 01:03:23.874 Meta story coming up. 01:03:24.664 --> 01:03:25.183 But you… Let 01:03:25.183 --> 01:03:25.794 me back up. 01:03:26.003 --> 01:03:26.614 You remember during 01:03:26.614 --> 01:03:27.424 the financial 01:03:27.424 --> 01:03:28.883 crisis, CNBC 01:03:28.894 --> 01:03:30.253 started to implement 01:03:30.263 --> 01:03:30.724 the, kind of an 01:03:30.733 --> 01:03:31.423 own rule, 'cause 01:03:31.433 --> 01:03:32.133 it was becoming 01:03:32.134 --> 01:03:32.814 embarrassing. 01:03:33.394 --> 01:03:33.883 They had a bunch 01:03:33.884 --> 01:03:34.363 of people come 01:03:34.364 --> 01:03:35.003 on and during the 01:03:35.003 --> 01:03:36.613 dot-com era who were 01:03:36.614 --> 01:03:37.794 touting stocks in 01:03:37.794 --> 01:03:38.654 companies they owned. 01:03:39.323 --> 01:03:40.064 In some cases, 01:03:40.064 --> 01:03:40.753 companies they were 01:03:40.753 --> 01:03:42.383 involved in, not 01:03:42.384 --> 01:03:43.643 just stock ownership. 01:03:44.263 --> 01:03:45.164 And so during the 01:03:45.164 --> 01:03:46.003 financial crisis, 01:03:46.003 --> 01:03:46.553 a lot of the same 01:03:46.553 --> 01:03:47.254 thing was going on. 01:03:47.254 --> 01:03:48.493 At some point, CNBC 01:03:48.494 --> 01:03:49.224 changed things and 01:03:49.224 --> 01:03:50.733 said, "If you own… 01:03:51.143 --> 01:03:51.953 You need to state, 01:03:52.044 --> 01:03:52.814 you need… During 01:03:52.814 --> 01:03:53.593 your presentation, 01:03:53.683 --> 01:03:54.574 when we have a Q&A 01:03:54.574 --> 01:03:55.783 with you on CNBC, 01:03:56.593 --> 01:03:57.823 you need to state 01:03:57.843 --> 01:03:58.564 whether or not you 01:03:58.564 --> 01:04:00.254 have a position in 01:04:00.254 --> 01:04:00.773 the company we're 01:04:00.773 --> 01:04:01.423 talking about." 01:04:03.503 --> 01:04:04.773 do you ever see that 01:04:04.783 --> 01:04:05.683 on social media? 01:04:06.123 --> 01:04:06.413 No. 01:04:06.663 --> 01:04:07.123 Never. 01:04:08.753 --> 01:04:09.473 And you don't see 01:04:09.473 --> 01:04:10.624 it really on CNBC 01:04:10.634 --> 01:04:11.054 when they have 01:04:11.064 --> 01:04:12.143 military generals 01:04:12.144 --> 01:04:13.363 on there, retired 01:04:13.363 --> 01:04:14.273 military general. 01:04:15.034 --> 01:04:15.703 You don't think they 01:04:15.704 --> 01:04:17.354 have stock in, in, in 01:04:17.354 --> 01:04:20.463 Boeing and Lockheed 01:04:21.273 --> 01:04:22.414 and General Dynamics? 01:04:23.233 --> 01:04:24.024 Almost everybody 01:04:24.024 --> 01:04:24.863 does- because 01:04:25.034 --> 01:04:25.693 they're in the, 01:04:25.704 --> 01:04:27.063 they're in the ETFs. 01:04:27.073 --> 01:04:27.484 So they're in 01:04:27.484 --> 01:04:28.083 the index funds. 01:04:28.083 --> 01:04:28.143 That's not what 01:04:28.143 --> 01:04:28.433 I'm, not what I'm 01:04:28.433 --> 01:04:28.653 talking about. 01:04:29.053 --> 01:04:29.423 I'm talking 01:04:29.433 --> 01:04:30.373 about- individual 01:04:30.373 --> 01:04:32.154 securities they own. 01:04:32.163 --> 01:04:32.843 Probably. 01:04:32.843 --> 01:04:33.313 They, they- 01:04:33.333 --> 01:04:33.864 And probably in 01:04:33.864 --> 01:04:34.934 smaller companies too 01:04:34.943 --> 01:04:35.973 … they have conflicts 01:04:35.973 --> 01:04:36.623 of interest of 01:04:36.623 --> 01:04:37.563 various kinds. 01:04:38.664 --> 01:04:39.263 Their answer to 01:04:39.263 --> 01:04:39.903 that, if you talk 01:04:39.903 --> 01:04:40.724 to financial people, 01:04:40.724 --> 01:04:41.803 though, 'cause I 01:04:41.843 --> 01:04:42.603 remember during the 01:04:42.604 --> 01:04:43.203 global financial 01:04:43.204 --> 01:04:43.874 crisis talking 01:04:43.874 --> 01:04:44.833 to people in the 01:04:44.833 --> 01:04:45.644 financial industry, 01:04:45.644 --> 01:04:47.053 their answer to 01:04:47.053 --> 01:04:47.754 the conflicts of 01:04:47.754 --> 01:04:48.674 interest is, " it's 01:04:48.674 --> 01:04:49.403 not a conflict of 01:04:49.403 --> 01:04:49.884 interest because 01:04:49.884 --> 01:04:50.434 that's a creature 01:04:50.434 --> 01:04:51.583 of statute, and 01:04:51.583 --> 01:04:52.474 there's no statute 01:04:53.223 --> 01:04:54.203 on the con- on a 01:04:54.204 --> 01:04:55.014 conflict like that. 01:04:55.023 --> 01:04:55.604 That's a, that's 01:04:55.604 --> 01:04:56.334 an invention of 01:04:56.334 --> 01:04:56.963 your own mind." 01:04:59.233 --> 01:04:59.643 That's their 01:04:59.643 --> 01:05:00.404 answer to that. 01:05:00.843 --> 01:05:01.683 That's why I ask you 01:05:01.693 --> 01:05:02.493 if it's written down. 01:05:04.014 --> 01:05:05.164 The ethics policies 01:05:05.164 --> 01:05:06.014 in the US government, 01:05:06.014 --> 01:05:06.684 yeah, they were 01:05:06.684 --> 01:05:07.204 written down. 01:05:07.204 --> 01:05:07.464 Yeah, 01:05:07.614 --> 01:05:07.804 So it's- We were 01:05:07.804 --> 01:05:08.674 subject to review 01:05:08.674 --> 01:05:09.704 by an ethics office. 01:05:10.044 --> 01:05:11.544 I had one venture 01:05:11.584 --> 01:05:12.494 investment that I 01:05:12.504 --> 01:05:14.133 had to that wasn't 01:05:14.134 --> 01:05:14.914 liquid, that I had 01:05:14.914 --> 01:05:16.534 to gift to somebody. 01:05:16.624 --> 01:05:17.234 I had to gift it 01:05:17.234 --> 01:05:18.214 back to Dylan Reed 01:05:18.454 --> 01:05:19.044 just to get rid 01:05:19.044 --> 01:05:20.023 of it, to pass the 01:05:20.024 --> 01:05:21.254 exi- ethics test. 01:05:21.344 --> 01:05:21.664 Yeah. 01:05:21.713 --> 01:05:22.593 So there was 01:05:22.594 --> 01:05:23.314 a regulation 01:05:23.314 --> 01:05:24.564 on it, right? 01:05:24.573 --> 01:05:24.593 Yeah. 01:05:24.604 --> 01:05:25.523 Remember, again, 01:05:25.573 --> 01:05:26.303 going back to the 01:05:26.303 --> 01:05:26.903 global financial 01:05:26.903 --> 01:05:27.323 crisis, there were 01:05:27.323 --> 01:05:27.993 a big de- There was 01:05:28.004 --> 01:05:28.683 a bunch of stories 01:05:28.684 --> 01:05:31.353 came out th- it's 01:05:31.723 --> 01:05:32.784 for Hank Paulson. 01:05:33.223 --> 01:05:36.263 He sold $144 million 01:05:36.264 --> 01:05:36.994 of Goldman Sachs 01:05:37.003 --> 01:05:38.764 stock because he 01:05:38.764 --> 01:05:39.303 didn't want there to 01:05:39.304 --> 01:05:40.213 be a conflict while 01:05:40.214 --> 01:05:40.274 he was in office. 01:05:40.274 --> 01:05:40.593 I thought 01:05:40.593 --> 01:05:41.473 he, I thought he got 01:05:41.483 --> 01:05:42.744 the free tax thing. 01:05:43.433 --> 01:05:44.303 He did, but he, 01:05:44.303 --> 01:05:44.473 the point was- He 01:05:44.473 --> 01:05:45.223 got the free tax 01:05:45.223 --> 01:05:45.503 thing 01:05:46.104 --> 01:05:47.683 … The point is he got 01:05:47.683 --> 01:05:49.203 that before he made 01:05:49.203 --> 01:05:50.293 all these decisions. 01:05:50.774 --> 01:05:51.733 He cashed out before 01:05:51.733 --> 01:05:52.353 the decisions. 01:05:52.354 --> 01:05:52.883 In other words, he 01:05:52.883 --> 01:05:53.783 didn't own Goldman 01:05:53.784 --> 01:05:55.454 Sachs stock while 01:05:55.454 --> 01:05:56.253 he was deciding 01:05:56.253 --> 01:05:57.613 policy in favor 01:05:57.613 --> 01:05:58.623 of Goldman Sachs. 01:06:00.773 --> 01:06:01.523 That's why the story 01:06:01.523 --> 01:06:02.423 was so ridiculous. 01:06:02.433 --> 01:06:03.153 It's like yeah- 01:06:03.323 --> 01:06:03.910 he put it in, 01:06:03.910 --> 01:06:04.633 it's in the bank. 01:06:05.703 --> 01:06:07.583 Anyway, let's 01:06:07.584 --> 01:06:08.273 turn to Europe 01:06:09.902 --> 01:06:10.252 'Cause, because- 01:06:11.822 --> 01:06:12.562 That's worse. 01:06:13.442 --> 01:06:14.112 V- Von der Leyen's 01:06:14.802 --> 01:06:15.602 got some news for 01:06:15.602 --> 01:06:17.452 you on where your 01:06:17.462 --> 01:06:18.302 money's headed. 01:06:19.532 --> 01:06:20.092 She's got some 01:06:20.092 --> 01:06:20.642 great i- Look 01:06:20.642 --> 01:06:21.422 how happy she is. 01:06:21.422 --> 01:06:22.232 Look how excited she 01:06:22.232 --> 01:06:23.532 is about what she's 01:06:23.532 --> 01:06:24.202 gonna tell you here. 01:06:24.202 --> 01:06:25.251 Let's listen to this. 01:06:25.532 --> 01:06:26.582 It- you have to read 01:06:26.582 --> 01:06:28.271 the the subscript 01:06:28.322 --> 01:06:29.422 because she's 01:06:29.431 --> 01:06:30.231 speaking in French. 01:06:31.371 --> 01:06:31.381 Malheureusement, 01:06:31.381 --> 01:06:31.401 cette épargne 01:06:31.401 --> 01:06:31.421 est paresseuse. 01:06:31.421 --> 01:06:31.451 10 000 milliards 01:06:31.451 --> 01:06:31.471 d'euros d'épargne 01:06:31.471 --> 01:06:31.501 des ménages restent 01:06:31.501 --> 01:06:31.531 aujourd'hui sur les 01:06:31.531 --> 01:06:31.551 dépôts bancaires. 01:06:31.551 --> 01:06:31.581 Et une importante 01:06:31.581 --> 01:06:31.611 partie de l'épargne 01:06:31.611 --> 01:06:31.631 européenne est 01:06:31.631 --> 01:06:31.661 investie hors de 01:06:31.661 --> 01:06:31.681 notre continent. 01:06:31.681 --> 01:06:31.701 L'Europe doit 01:06:31.701 --> 01:06:31.721 maintenant la 01:06:31.721 --> 01:06:31.751 mettre au service 01:06:31.751 --> 01:06:31.781 de ses entreprises. 01:06:31.781 --> 01:06:31.821 Et c'est ça le 01:06:31.821 --> 01:06:31.861 but de l'union de 01:06:31.861 --> 01:06:31.891 l'épargne et des 01:06:31.891 --> 01:06:31.901 investissements. 01:06:31.901 --> 01:06:32.251 Nous avons mis les 01:07:23.271 --> 01:07:23.401 propositions sur 01:07:23.561 --> 01:07:24.288 la table sur la 01:07:24.288 --> 01:07:24.532 titrisation, sur 01:07:24.532 --> 01:07:25.772 les investissements 01:07:25.772 --> 01:07:25.812 des banques et des 01:07:25.812 --> 01:07:25.832 assurances, sur 01:07:25.832 --> 01:07:25.852 l'intégration de 01:07:25.852 --> 01:07:25.922 nos marchés et de 01:07:25.922 --> 01:07:25.942 leur supervision. 01:07:25.942 --> 01:07:25.962 Ensemble, elles 01:07:25.962 --> 01:07:25.982 peuvent libérer 01:07:25.982 --> 01:07:26.002 jusqu'à 470 01:07:26.002 --> 01:07:26.022 milliards d'euros 01:07:26.022 --> 01:07:26.032 d'investissements 01:07:26.032 --> 01:07:26.511 supplémentaires. 01:07:27.332 --> 01:07:27.741 The people in the 01:07:27.741 --> 01:07:28.341 crowd look kinda 01:07:28.341 --> 01:07:29.291 confused, as, 01:07:29.341 --> 01:07:30.142 as I am by that. 01:07:30.771 --> 01:07:31.140 You care to elucidate 01:07:31.140 --> 01:07:31.345 what she's saying? 01:07:31.345 --> 01:07:31.861 So here's the thing. 01:07:32.491 --> 01:07:33.451 It's impossible 01:07:33.451 --> 01:07:34.182 to figure out 01:07:34.182 --> 01:07:35.621 the details, but 01:07:35.622 --> 01:07:36.301 let me show you. 01:07:36.302 --> 01:07:36.881 Let's go to the 01:07:36.891 --> 01:07:37.631 chart, and I'll 01:07:37.631 --> 01:07:38.671 show you- Okay. 01:07:38.671 --> 01:07:39.141 Okay … what the 01:07:39.141 --> 01:07:40.161 issue is, and it 01:07:40.161 --> 01:07:41.361 comes back to our 01:07:41.391 --> 01:07:42.201 discussion of the 01:07:42.201 --> 01:07:43.171 misallocation of 01:07:43.171 --> 01:07:44.201 capital, okay? 01:07:44.201 --> 01:07:44.541 Okay. 01:07:44.541 --> 01:07:44.832 Yeah. 01:07:44.832 --> 01:07:45.272 Okay, so 01:07:45.272 --> 01:07:45.677 let's look at 01:07:45.677 --> 01:07:45.883 the chart. 01:07:46.089 --> 01:07:46.441 I'll … Let me 01:07:46.442 --> 01:07:46.961 say this before 01:07:46.961 --> 01:07:47.621 we get into it. 01:07:48.111 --> 01:07:48.791 In terms of the 01:07:48.802 --> 01:07:49.871 bank deposits being 01:07:49.872 --> 01:07:50.571 located outside 01:07:50.591 --> 01:07:51.161 the country, she 01:07:51.161 --> 01:07:52.012 doesn't understand. 01:07:52.932 --> 01:07:54.431 Like the US, a US 01:07:54.431 --> 01:07:54.781 dollar-denominated 01:07:54.801 --> 01:07:55.541 bank deposit is 01:07:55.541 --> 01:07:56.521 all in the US. 01:07:56.921 --> 01:07:58.281 All the euro 01:07:58.281 --> 01:07:58.931 dollars, those are 01:07:58.931 --> 01:07:59.521 in what's called 01:07:59.521 --> 01:08:00.201 correspondent 01:08:00.201 --> 01:08:00.551 accounts. 01:08:01.012 --> 01:08:01.801 It's an accounting 01:08:01.801 --> 01:08:03.181 entry in Europe that 01:08:03.181 --> 01:08:04.191 reflects an American 01:08:04.201 --> 01:08:04.812 bank account- 01:08:05.192 --> 01:08:06.031 Where JP Morgan 01:08:06.031 --> 01:08:06.861 might own for, 01:08:06.891 --> 01:08:07.962 o- for example, 01:08:08.141 --> 01:08:10.464 UBS money The UBS 01:08:10.464 --> 01:08:11.104 deposit holder 01:08:11.104 --> 01:08:11.934 thinks they have US 01:08:11.934 --> 01:08:12.694 dollars, they don't. 01:08:13.604 --> 01:08:14.594 They've, they got 01:08:14.594 --> 01:08:15.684 an IOU from UBS, 01:08:15.714 --> 01:08:16.663 which has an IOU 01:08:16.674 --> 01:08:17.413 from JP Morgan. 01:08:17.424 --> 01:08:17.774 That's it. 01:08:18.274 --> 01:08:19.184 But here's the chart. 01:08:19.283 --> 01:08:19.844 So she's, von der 01:08:19.844 --> 01:08:20.984 Leyen's out of her 01:08:20.984 --> 01:08:22.334 mind to say the 01:08:22.334 --> 01:08:23.034 money's outside 01:08:23.084 --> 01:08:23.694 the… She doesn't 01:08:23.704 --> 01:08:24.053 know what she's 01:08:24.054 --> 01:08:24.554 talking about. 01:08:24.674 --> 01:08:25.504 Okay, here we go. 01:08:25.814 --> 01:08:26.154 Okay. 01:08:27.024 --> 01:08:27.923 So if you look 01:08:27.924 --> 01:08:29.033 at the US here, 01:08:29.184 --> 01:08:29.868 this is a chart- 01:08:29.868 --> 01:08:30.403 This is… Okay, so 01:08:30.403 --> 01:08:31.513 here's North America. 01:08:31.514 --> 01:08:31.873 That's not 01:08:31.873 --> 01:08:32.183 the US, but- 01:08:32.184 --> 01:08:32.954 Yeah so we're 01:08:32.954 --> 01:08:33.533 talking about 01:08:33.543 --> 01:08:34.263 individual and 01:08:34.264 --> 01:08:34.963 family wealth. 01:08:34.963 --> 01:08:35.604 Where do people 01:08:35.604 --> 01:08:36.314 have their money? 01:08:36.643 --> 01:08:37.653 In North America, 01:08:37.653 --> 01:08:40.673 60% of the average 01:08:40.813 --> 01:08:42.313 sort of individual 01:08:42.323 --> 01:08:44.833 family- is, 60% 01:08:44.873 --> 01:08:45.754 is in securities, 01:08:45.763 --> 01:08:46.503 stocks and bonds. 01:08:46.503 --> 01:08:46.563 That's in stocks. 01:08:46.563 --> 01:08:46.683 It's in a 01:08:46.973 --> 01:08:47.763 brokerage account. 01:08:47.763 --> 01:08:47.823 Yeah. 01:08:48.094 --> 01:08:48.304 Yeah. 01:08:48.853 --> 01:08:49.883 So the, the 01:08:49.993 --> 01:08:50.844 dark blue is the 01:08:50.853 --> 01:08:51.843 pension funds, but 01:08:52.204 --> 01:08:53.423 significant amounts 01:08:53.423 --> 01:08:54.254 of money through 01:08:54.254 --> 01:08:55.333 the 401s, through 01:08:55.333 --> 01:08:56.644 the IRAs, through 01:08:56.704 --> 01:08:57.464 all these different 01:08:57.473 --> 01:08:59.074 organizations- Right 01:08:59.074 --> 01:08:59.873 it's in stocks 01:08:59.873 --> 01:09:00.413 and bonds. 01:09:00.454 --> 01:09:01.093 If you look at 01:09:01.094 --> 01:09:02.573 Europe, it's 35%. 01:09:02.573 --> 01:09:03.343 And, 01:09:03.343 --> 01:09:03.733 and here 01:09:03.733 --> 01:09:04.654 are deposits. 01:09:04.844 --> 01:09:05.024 Okay? 01:09:05.364 --> 01:09:05.853 And all of them in 01:09:05.853 --> 01:09:06.684 the US- over to 01:09:06.983 --> 01:09:07.714 North Amer- Okay. 01:09:08.483 --> 01:09:09.713 So if you look at 01:09:09.713 --> 01:09:10.443 Europe, so let's 01:09:10.443 --> 01:09:11.334 just look at Western 01:09:11.334 --> 01:09:11.803 Europe, which 01:09:11.943 --> 01:09:12.253 basically- Western 01:09:12.253 --> 01:09:13.683 Europe … the EU. 01:09:14.364 --> 01:09:15.294 What is they've 01:09:15.294 --> 01:09:16.793 only got 35%. 01:09:16.934 --> 01:09:18.223 Now, you 01:09:18.224 --> 01:09:19.353 know- in stocks 01:09:19.364 --> 01:09:19.884 and bonds. 01:09:19.993 --> 01:09:20.893 In stocks and bonds. 01:09:20.904 --> 01:09:20.924 Yeah. 01:09:20.944 --> 01:09:21.743 But the big issue 01:09:21.743 --> 01:09:22.714 here is stocks. 01:09:22.714 --> 01:09:22.893 Stocks. 01:09:22.893 --> 01:09:24.013 The big issue is- 01:09:24.013 --> 01:09:25.044 Sorry … you are 01:09:25.044 --> 01:09:25.723 letting your money 01:09:25.733 --> 01:09:26.463 sit in a bank 01:09:26.463 --> 01:09:27.343 deposit and you 01:09:27.343 --> 01:09:28.563 are not financing 01:09:28.834 --> 01:09:29.653 real companies 01:09:29.654 --> 01:09:30.673 doing real things. 01:09:30.904 --> 01:09:31.314 Okay? 01:09:31.883 --> 01:09:32.933 Now, one of the 01:09:32.934 --> 01:09:33.603 reasons you're 01:09:33.603 --> 01:09:34.613 not financing real 01:09:34.614 --> 01:09:35.343 companies doing 01:09:35.343 --> 01:09:35.864 real things, you're 01:09:35.864 --> 01:09:36.353 not putting your 01:09:36.353 --> 01:09:37.253 money in stocks, 01:09:37.873 --> 01:09:39.593 is you don't trust 01:09:39.593 --> 01:09:40.633 the people running 01:09:40.633 --> 01:09:41.763 that infrastructure 01:09:42.474 --> 01:09:43.643 to allocate that, 01:09:43.934 --> 01:09:44.923 that money well. 01:09:46.063 --> 01:09:47.293 But now that they've 01:09:47.294 --> 01:09:48.053 done a great deal 01:09:48.053 --> 01:09:49.063 to harm the small 01:09:49.063 --> 01:09:50.284 businesses of Europe 01:09:50.934 --> 01:09:51.553 with what they've 01:09:51.553 --> 01:09:52.143 been doing with the 01:09:52.143 --> 01:09:53.093 sanctions and the 01:09:53.544 --> 01:09:55.174 centralization of 01:09:55.174 --> 01:09:55.763 the EU, they wanna 01:09:55.773 --> 01:09:56.793 build a war economy, 01:09:56.794 --> 01:09:57.833 which means they need 01:09:57.853 --> 01:09:58.773 a tremendous amount 01:09:58.773 --> 01:10:00.043 of equity investment 01:10:00.404 --> 01:10:02.224 for the big European 01:10:02.224 --> 01:10:03.343 defense contractors. 01:10:03.393 --> 01:10:04.733 Ah. 01:10:04.794 --> 01:10:05.973 Now I understand. 01:10:05.983 --> 01:10:06.013 Okay. 01:10:06.023 --> 01:10:06.503 They're trying 01:10:06.504 --> 01:10:07.253 to figure out… 01:10:07.474 --> 01:10:08.033 There's, there are 01:10:08.033 --> 01:10:09.093 three issues here. 01:10:09.403 --> 01:10:09.753 Okay? 01:10:10.553 --> 01:10:11.614 They need money for 01:10:11.614 --> 01:10:12.583 the big companies 01:10:12.593 --> 01:10:13.424 if they're going to 01:10:13.424 --> 01:10:14.753 fuel a war economy. 01:10:14.864 --> 01:10:15.693 That's number one. 01:10:16.053 --> 01:10:17.114 But number two, 01:10:17.483 --> 01:10:18.394 their plan for the 01:10:18.394 --> 01:10:19.573 war economy involves 01:10:19.613 --> 01:10:20.744 major grift for the 01:10:20.744 --> 01:10:22.624 elites, and they 01:10:22.624 --> 01:10:23.274 know they can't 01:10:23.274 --> 01:10:23.953 do that grift. 01:10:23.963 --> 01:10:24.653 They watch the 01:10:24.654 --> 01:10:25.523 United States and 01:10:25.523 --> 01:10:26.483 how United States 01:10:26.484 --> 01:10:27.253 has gotten away with 01:10:27.253 --> 01:10:28.903 major grift because 01:10:28.923 --> 01:10:30.123 everybody has money 01:10:30.124 --> 01:10:31.194 in the stocks, too. 01:10:32.353 --> 01:10:33.773 So- Yeah … so the 01:10:33.773 --> 01:10:34.953 American public is 01:10:35.044 --> 01:10:36.453 vested in Microsoft 01:10:36.454 --> 01:10:37.353 going up because 01:10:37.353 --> 01:10:38.114 they're making money 01:10:38.114 --> 01:10:39.113 on Microsoft stock. 01:10:39.463 --> 01:10:40.143 So they know if 01:10:40.143 --> 01:10:40.683 they're gonna play 01:10:40.684 --> 01:10:41.443 the same game as 01:10:41.443 --> 01:10:42.203 the Americans, 01:10:42.203 --> 01:10:43.043 they wanna do that. 01:10:43.413 --> 01:10:44.143 But there's a third 01:10:44.143 --> 01:10:44.993 part of that story, 01:10:44.993 --> 01:10:46.134 which is if all 01:10:46.134 --> 01:10:46.883 the money's in bank 01:10:46.923 --> 01:10:47.714 deposits and the 01:10:47.714 --> 01:10:48.853 US rolls out stable 01:10:48.853 --> 01:10:49.714 coins and attracts 01:10:49.714 --> 01:10:50.453 that money out of 01:10:50.463 --> 01:10:51.963 bank depo- deposits 01:10:52.443 --> 01:10:53.623 into stable coins, 01:10:53.654 --> 01:10:54.803 then Europe gets 01:10:56.024 --> 01:10:57.174 Whacked terribly 01:10:57.174 --> 01:10:58.674 financially, right? 01:10:59.524 --> 01:11:00.444 That I'm not, I 01:11:00.444 --> 01:11:02.044 don't… I'm not 01:11:02.044 --> 01:11:02.674 disputing you. 01:11:02.674 --> 01:11:03.164 I don't have an 01:11:03.164 --> 01:11:03.744 opinion one way. 01:11:03.854 --> 01:11:04.294 I don't know how 01:11:04.294 --> 01:11:04.924 that would work. 01:11:05.394 --> 01:11:06.254 H- how it would 01:11:06.254 --> 01:11:07.284 work is their bank 01:11:07.304 --> 01:11:08.603 deposits offer one 01:11:08.604 --> 01:11:09.914 yield, the stable 01:11:09.914 --> 01:11:11.354 coins offers a better 01:11:11.354 --> 01:11:13.614 deal and people 01:11:13.614 --> 01:11:14.434 wanna go either 01:11:14.434 --> 01:11:15.403 into the dollar or 01:11:15.403 --> 01:11:16.144 into something that 01:11:16.144 --> 01:11:17.213 offers a better deal. 01:11:17.323 --> 01:11:19.704 Yeah, but s- it's, 01:11:19.784 --> 01:11:21.174 money's tricky to 01:11:21.174 --> 01:11:22.863 bu- the banks 01:11:22.924 --> 01:11:24.543 decide the level 01:11:24.543 --> 01:11:25.574 of bank deposits. 01:11:27.073 --> 01:11:27.814 They de- that, 01:11:27.814 --> 01:11:30.033 that's… People the 01:11:30.034 --> 01:11:30.884 way to lower deposits 01:11:30.884 --> 01:11:32.323 is people pay back 01:11:32.333 --> 01:11:33.343 loans, pay back 01:11:33.343 --> 01:11:34.244 principal on loans. 01:11:36.073 --> 01:11:37.104 But you have a lot 01:11:37.104 --> 01:11:39.204 of people in Europe 01:11:39.543 --> 01:11:40.553 who don't trust 01:11:40.563 --> 01:11:41.424 the stock market. 01:11:42.093 --> 01:11:42.323 Yeah. 01:11:42.674 --> 01:11:43.613 They're not putting 01:11:43.613 --> 01:11:44.093 their money in the 01:11:44.093 --> 01:11:45.124 stock market, and 01:11:45.124 --> 01:11:45.773 it's nowhere near 01:11:45.773 --> 01:11:46.673 as easy to get your 01:11:46.674 --> 01:11:47.603 money in the stock 01:11:47.604 --> 01:11:48.394 market and manage 01:11:48.394 --> 01:11:49.074 it that way in 01:11:49.074 --> 01:11:49.923 Europe as it is in 01:11:49.924 --> 01:11:50.693 the United States. 01:11:50.703 --> 01:11:51.323 It's getting there, 01:11:51.323 --> 01:11:52.483 but it hasn't been. 01:11:52.913 --> 01:11:52.993 Yeah. 01:11:53.683 --> 01:11:54.763 So they wanna swing 01:11:54.764 --> 01:11:55.833 money into equity. 01:11:55.874 --> 01:11:56.444 And part of the 01:11:56.444 --> 01:11:58.173 problem is, it's a 01:11:58.174 --> 01:11:59.083 different problem in 01:11:59.083 --> 01:12:00.103 the United States. 01:12:00.374 --> 01:12:01.413 If the elites are 01:12:01.414 --> 01:12:02.793 misallocating capital 01:12:02.793 --> 01:12:03.634 into things that 01:12:03.634 --> 01:12:04.814 don't build the 01:12:04.814 --> 01:12:05.673 kinda world you wanna 01:12:05.673 --> 01:12:07.243 live in, that's a 01:12:07.243 --> 01:12:08.103 misallocation of 01:12:08.103 --> 01:12:08.853 capital, and you're 01:12:08.853 --> 01:12:09.873 not eager to put your 01:12:09.874 --> 01:12:10.934 money into it, right? 01:12:11.393 --> 01:12:11.673 Yeah. 01:12:12.833 --> 01:12:13.734 The, one of the big 01:12:13.734 --> 01:12:14.504 issues, and we'll 01:12:14.514 --> 01:12:16.483 address it in the 01:12:16.484 --> 01:12:17.523 third quarter wrap-up 01:12:17.524 --> 01:12:20.083 a lot, is everybody 01:12:20.153 --> 01:12:21.353 who's going down to 01:12:21.363 --> 01:12:22.253 complain and try and 01:12:22.253 --> 01:12:23.324 stop a data center, 01:12:23.734 --> 01:12:24.334 if they look at 01:12:24.334 --> 01:12:25.593 their 401and IRA, 01:12:25.643 --> 01:12:26.384 they're financing 01:12:26.384 --> 01:12:27.193 that data center. 01:12:27.753 --> 01:12:27.773 Yeah. 01:12:27.773 --> 01:12:28.783 And if they wanna 01:12:28.783 --> 01:12:29.384 stop the data 01:12:29.384 --> 01:12:30.323 center, they gotta 01:12:30.333 --> 01:12:31.294 stop financing it. 01:12:33.613 --> 01:12:34.994 And they've gotta say 01:12:35.723 --> 01:12:36.793 to… They've gotta 01:12:36.793 --> 01:12:37.893 put ba- push back on 01:12:37.893 --> 01:12:38.763 the financial system 01:12:38.764 --> 01:12:40.373 and say, "I want my 01:12:40.374 --> 01:12:41.293 savings going into 01:12:41.293 --> 01:12:42.073 something that builds 01:12:42.073 --> 01:12:43.003 a, a world worth 01:12:43.003 --> 01:12:43.773 living in. I don't 01:12:43.773 --> 01:12:44.604 wanna make money on 01:12:44.604 --> 01:12:45.903 poisoning my kids and 01:12:46.304 --> 01:12:47.123 building a control 01:12:47.124 --> 01:12:47.783 grid." Because 01:12:47.804 --> 01:12:48.933 ultimately that… 01:12:49.753 --> 01:12:50.793 If you pour your 01:12:50.793 --> 01:12:51.673 money into things 01:12:51.673 --> 01:12:52.404 that are not 01:12:52.413 --> 01:12:53.643 productive, that 01:12:53.643 --> 01:12:54.503 are private equity 01:12:54.503 --> 01:12:55.363 guys extracting 01:12:55.363 --> 01:12:56.903 money and MBAs 01:12:57.254 --> 01:12:58.433 doing stock plays, 01:12:59.083 --> 01:12:59.843 you ultimately, 01:12:59.843 --> 01:13:00.253 you're not gonna 01:13:00.253 --> 01:13:01.123 have an economy. 01:13:01.133 --> 01:13:01.153 Yeah. 01:13:02.453 --> 01:13:02.593 That's what's 01:13:02.593 --> 01:13:03.173 happening to America. 01:13:03.873 --> 01:13:03.893 Yeah. 01:13:03.903 --> 01:13:04.023 You 01:13:04.054 --> 01:13:04.183 know- It's 01:13:04.214 --> 01:13:04.664 been going on a 01:13:04.664 --> 01:13:05.034 while. 01:13:05.073 --> 01:13:05.373 Right 01:13:06.003 --> 01:13:06.994 The Boeing story 01:13:06.994 --> 01:13:07.834 is the story of 01:13:07.834 --> 01:13:08.563 the destruction of 01:13:08.563 --> 01:13:10.614 America, and that 01:13:10.614 --> 01:13:11.713 story comes down to 01:13:11.714 --> 01:13:12.583 where is your capital 01:13:12.604 --> 01:13:13.193 going and what 01:13:13.194 --> 01:13:14.073 are you financing? 01:13:14.113 --> 01:13:16.083 And the problem that 01:13:16.113 --> 01:13:17.033 Europe is gonna have 01:13:17.033 --> 01:13:17.703 with these savings 01:13:17.703 --> 01:13:18.353 account, 'cause if 01:13:18.354 --> 01:13:19.124 you look at how they 01:13:19.124 --> 01:13:19.683 think they're gonna 01:13:19.683 --> 01:13:20.413 swing the money 01:13:20.414 --> 01:13:21.504 from bank deposits 01:13:22.033 --> 01:13:23.173 to equities, it's 01:13:23.173 --> 01:13:24.253 a little weird. 01:13:24.263 --> 01:13:24.723 And they say 01:13:24.723 --> 01:13:25.023 they're gonna 01:13:25.024 --> 01:13:26.203 give tax benefits. 01:13:26.533 --> 01:13:27.483 I can't, I still 01:13:27.483 --> 01:13:28.843 can't find specifics. 01:13:29.613 --> 01:13:30.354 Th- they think by 01:13:30.373 --> 01:13:31.404 making the accounts 01:13:31.404 --> 01:13:32.254 more accessible, 01:13:32.254 --> 01:13:32.783 they're gonna be 01:13:32.783 --> 01:13:34.073 able to get money 01:13:34.073 --> 01:13:34.954 swinging over. 01:13:35.753 --> 01:13:36.233 We'll see. 01:13:36.543 --> 01:13:37.514 And to give tax 01:13:37.514 --> 01:13:38.223 benefits, too. 01:13:38.223 --> 01:13:39.423 So it's not clear 01:13:39.423 --> 01:13:40.593 to me how exactly 01:13:40.593 --> 01:13:41.494 this is gonna work or 01:13:41.494 --> 01:13:42.223 if it's gonna work. 01:13:42.683 --> 01:13:44.254 But ultimately, a 01:13:44.254 --> 01:13:47.273 society that… I 01:13:47.274 --> 01:13:47.853 don't wanna use 01:13:47.854 --> 01:13:48.784 the P word, but- 01:13:50.210 --> 01:13:51.040 I- if all the money 01:13:51.040 --> 01:13:51.490 you're putting in 01:13:51.490 --> 01:13:52.460 the stock market 01:13:53.590 --> 01:13:54.420 is going into 01:13:54.420 --> 01:13:55.219 something that is 01:13:55.219 --> 01:13:56.280 a complete waste of 01:13:56.280 --> 01:13:57.340 a society's capital 01:14:00.024 --> 01:14:01.424 Y- you have 01:14:01.454 --> 01:14:02.184 no future. 01:14:02.344 --> 01:14:02.544 And 01:14:02.544 --> 01:14:03.564 so let me get 01:14:03.564 --> 01:14:04.194 at it this way. 01:14:04.254 --> 01:14:04.874 I'll go back to Von 01:14:04.874 --> 01:14:06.524 der Leyen and her 01:14:08.254 --> 01:14:09.444 her recommendation 01:14:09.444 --> 01:14:09.774 that you get 01:14:09.774 --> 01:14:10.083 out of the… 01:14:10.154 --> 01:14:10.733 You p- you put your 01:14:10.734 --> 01:14:11.534 money in the stocks. 01:14:13.054 --> 01:14:14.114 This, so this is 01:14:14.114 --> 01:14:14.704 Western Europe. 01:14:14.804 --> 01:14:16.464 So 30.4% of the 01:14:16.464 --> 01:14:17.874 money in deposits. 01:14:18.424 --> 01:14:18.923 When you have your 01:14:18.924 --> 01:14:19.433 money in a bank 01:14:19.434 --> 01:14:20.144 deposit, that's an 01:14:20.153 --> 01:14:21.413 IOU from the bank 01:14:21.463 --> 01:14:23.214 to you, and what you 01:14:23.214 --> 01:14:25.144 can demand is euros. 01:14:25.144 --> 01:14:26.303 You can demand cash 01:14:26.393 --> 01:14:28.763 in exchange for 01:14:28.803 --> 01:14:29.524 the bank deposits. 01:14:29.524 --> 01:14:30.073 That, that's a 01:14:30.073 --> 01:14:32.183 real IOU, okay? 01:14:32.403 --> 01:14:33.044 Because if the 01:14:33.044 --> 01:14:33.653 bank doesn't have 01:14:33.653 --> 01:14:34.293 the bank deposits, 01:14:34.293 --> 01:14:34.974 you can wind down 01:14:34.984 --> 01:14:36.173 the bank, but that 01:14:36.174 --> 01:14:37.064 has real value. 01:14:37.064 --> 01:14:39.064 When you have money 01:14:39.073 --> 01:14:41.003 in equity in a stock 01:14:41.003 --> 01:14:41.674 company, that's 01:14:41.674 --> 01:14:42.594 an IOU from the 01:14:42.613 --> 01:14:44.554 company to you, but 01:14:44.554 --> 01:14:45.173 they don't owe you 01:14:45.174 --> 01:14:46.173 anything specific. 01:14:46.304 --> 01:14:47.953 They this here, 01:14:47.983 --> 01:14:49.993 this orange, is a, an 01:14:49.993 --> 01:14:51.603 accounting entry on 01:14:51.604 --> 01:14:52.523 the bank's liability 01:14:52.523 --> 01:14:53.253 side of its balance 01:14:53.253 --> 01:14:54.284 sheet called equity, 01:14:54.633 --> 01:14:55.883 which is basically 01:14:56.124 --> 01:14:57.343 how much is left over 01:14:57.354 --> 01:14:59.084 for shareholders. 01:14:59.683 --> 01:15:00.243 That's it. 01:15:00.243 --> 01:15:00.773 It's nothing 01:15:00.773 --> 01:15:01.463 specific. 01:15:02.233 --> 01:15:03.063 So it's a lot… 01:15:03.773 --> 01:15:04.363 There's a lot more 01:15:04.364 --> 01:15:05.424 volatility in the 01:15:05.424 --> 01:15:06.163 equity and a lot 01:15:06.163 --> 01:15:07.213 more certainty, a lot 01:15:07.214 --> 01:15:08.083 less certainty in the 01:15:08.083 --> 01:15:09.483 equity than there is 01:15:09.483 --> 01:15:10.383 in the bank deposit. 01:15:10.663 --> 01:15:11.364 But there's a lot 01:15:11.364 --> 01:15:12.733 more volatility. 01:15:12.973 --> 01:15:13.543 I would've said 01:15:13.543 --> 01:15:14.044 that was true 01:15:14.044 --> 01:15:15.013 20 years ago. 01:15:15.593 --> 01:15:16.263 There's a lot more 01:15:16.263 --> 01:15:17.214 volatility in the 01:15:17.214 --> 01:15:18.443 equity, but if it's a 01:15:18.473 --> 01:15:19.444 good company with an 01:15:19.444 --> 01:15:21.253 enduring business, it 01:15:21.254 --> 01:15:22.203 may go up and down, 01:15:22.203 --> 01:15:22.803 but it's gonna be 01:15:22.803 --> 01:15:23.623 there in 20 years. 01:15:23.633 --> 01:15:23.673 Do 01:15:23.674 --> 01:15:24.344 you think that's 01:15:24.344 --> 01:15:25.183 what Von der Leyen 01:15:25.183 --> 01:15:25.963 has in mind when 01:15:25.964 --> 01:15:26.743 she talks about 01:15:26.813 --> 01:15:27.077 shunning- No. 01:15:27.077 --> 01:15:28.324 Okay I think she 01:15:28.363 --> 01:15:28.933 wants to build 01:15:28.933 --> 01:15:29.813 a war economy. 01:15:30.144 --> 01:15:30.523 That's what she 01:15:30.523 --> 01:15:31.193 wants to do, and 01:15:31.193 --> 01:15:32.034 she's gonna suck your 01:15:32.034 --> 01:15:34.944 money- into she 01:15:34.944 --> 01:15:35.823 wants to do the kind 01:15:35.824 --> 01:15:36.733 of misallocation 01:15:36.743 --> 01:15:37.803 game that the United 01:15:37.803 --> 01:15:38.713 States has done. 01:15:39.403 --> 01:15:40.133 And one of the 01:15:40.174 --> 01:15:40.963 reasons I'm so 01:15:40.964 --> 01:15:41.724 enthusiastic 01:15:41.724 --> 01:15:42.933 about the Iceland 01:15:43.843 --> 01:15:44.623 referendum- 01:15:44.714 --> 01:15:45.593 Yeah … is that 01:15:45.593 --> 01:15:46.304 was the people of 01:15:46.304 --> 01:15:46.903 Iceland saying, 01:15:47.133 --> 01:15:48.183 " you're all liars. 01:15:48.193 --> 01:15:49.913 We're not- we don't 01:15:49.913 --> 01:15:50.804 wanna negotiate 01:15:50.804 --> 01:15:51.523 with you, let alone 01:15:51.534 --> 01:15:52.413 go in the EU." 01:15:52.913 --> 01:15:53.213 Yeah. 01:15:54.604 --> 01:15:54.964 Yep. 01:15:57.215 --> 01:15:58.125 Let's turn to Amer 01:15:58.125 --> 01:15:59.846 Israel- … And see. 01:15:59.846 --> 01:16:00.576 You mentioned 01:16:00.965 --> 01:16:01.425 the Greater 01:16:01.425 --> 01:16:02.406 Israel project. 01:16:03.286 --> 01:16:03.736 If you don't know 01:16:03.736 --> 01:16:04.215 what the Greater 01:16:04.215 --> 01:16:05.116 Israel project is, 01:16:05.116 --> 01:16:05.715 let's just listen 01:16:05.715 --> 01:16:06.516 to this interview 01:16:06.516 --> 01:16:07.106 with Jonathan 01:16:07.106 --> 01:16:08.366 Pollard and he 01:16:08.366 --> 01:16:09.526 lays it out for us. 01:16:09.575 --> 01:16:11.735 Here we go. 01:16:12.005 --> 01:16:13.625 Israeli legend and 01:16:13.645 --> 01:16:15.105 former spy Jonathan 01:16:15.436 --> 01:16:16.746 Pollard has announced 01:16:16.755 --> 01:16:17.875 he will join the 01:16:17.915 --> 01:16:19.356 Israel First party 01:16:19.655 --> 01:16:20.516 led by Knesset 01:16:20.516 --> 01:16:22.045 member Sharon Haskel. 01:16:22.446 --> 01:16:23.385 This is a massive 01:16:23.385 --> 01:16:24.755 step into politics 01:16:24.755 --> 01:16:25.806 for Pollard, who 01:16:25.835 --> 01:16:26.746 actually joins 01:16:26.746 --> 01:16:27.816 us now on the 01:16:27.816 --> 01:16:28.845 broadcast to talk 01:16:28.855 --> 01:16:30.615 about this decision. 01:16:30.965 --> 01:16:31.905 Jonathan, thank you 01:16:31.905 --> 01:16:32.935 so much for joining 01:16:32.936 --> 01:16:33.595 us on the show. 01:16:34.355 --> 01:16:34.945 My pleasure. 01:16:34.945 --> 01:16:35.455 Thank you for 01:16:35.456 --> 01:16:36.005 having me. 01:16:36.175 --> 01:16:37.255 As far as Lebanon 01:16:37.255 --> 01:16:37.995 is concerned, 01:16:38.366 --> 01:16:39.675 again, we cannot 01:16:39.675 --> 01:16:41.186 allow Hezbollah to 01:16:41.186 --> 01:16:42.335 remain standing at 01:16:42.335 --> 01:16:43.215 the end of the day. 01:16:43.675 --> 01:16:44.816 I've been in favor of 01:16:44.816 --> 01:16:45.925 pushing our border, 01:16:46.096 --> 01:16:47.195 officially pushing 01:16:47.195 --> 01:16:48.215 our border north to 01:16:48.215 --> 01:16:49.846 the Awali River and 01:16:49.866 --> 01:16:50.946 not stopping until 01:16:50.946 --> 01:16:52.316 He- Hezbollah is 01:16:52.316 --> 01:16:53.486 completely destroyed. 01:16:54.155 --> 01:16:55.195 As far as Iran 01:16:55.195 --> 01:16:55.946 is concerned, 01:16:56.005 --> 01:16:56.795 again, this is 01:16:56.795 --> 01:16:57.725 a major threat. 01:16:58.065 --> 01:16:59.125 We shouldn't be 01:16:59.125 --> 01:17:00.036 waiting on the 01:17:00.036 --> 01:17:01.095 United States. 01:17:02.196 --> 01:17:02.845 I don't know what 01:17:02.845 --> 01:17:03.965 President Trump has 01:17:03.976 --> 01:17:05.255 up his sleeve, and I 01:17:05.266 --> 01:17:06.076 don't even think he 01:17:06.076 --> 01:17:07.076 knows at this point. 01:17:07.555 --> 01:17:08.695 And I've identified 01:17:08.745 --> 01:17:09.435 what's called a 01:17:09.436 --> 01:17:10.495 third option for 01:17:10.495 --> 01:17:12.465 us, and that option 01:17:12.815 --> 01:17:13.995 is to go it alone, 01:17:14.235 --> 01:17:15.215 Israel first. 01:17:15.605 --> 01:17:16.526 And we can… We 01:17:16.546 --> 01:17:18.225 have the resources. 01:17:18.675 --> 01:17:19.506 We just don't have 01:17:19.506 --> 01:17:20.385 the willingness 01:17:20.695 --> 01:17:21.726 to go ahead and 01:17:21.726 --> 01:17:24.836 take Iran off the 01:17:24.836 --> 01:17:25.905 map, so to speak. 01:17:26.525 --> 01:17:27.585 The, the… We 01:17:27.586 --> 01:17:28.865 have to do this. 01:17:29.336 --> 01:17:30.676 We have to destroy 01:17:30.915 --> 01:17:32.905 the IRGC, not Iran 01:17:32.945 --> 01:17:34.565 proper, but the IRGC 01:17:35.515 --> 01:17:36.795 Hezbollah and Hamas, 01:17:37.395 --> 01:17:38.436 in order to prepare 01:17:38.465 --> 01:17:39.435 for the next war. 01:17:39.436 --> 01:17:40.145 I hate to put 01:17:40.145 --> 01:17:40.785 it that way. 01:17:41.395 --> 01:17:43.085 But Turkey and 01:17:43.085 --> 01:17:44.995 Egypt are coming up 01:17:45.035 --> 01:17:46.645 next as our major 01:17:46.656 --> 01:17:47.905 strategic threat. 01:17:48.315 --> 01:17:49.045 Turkey and Egypt. 01:17:49.055 --> 01:17:49.545 So it's not 01:17:49.546 --> 01:17:50.145 enough to wipe 01:17:50.145 --> 01:17:50.965 Iran off the map. 01:17:50.965 --> 01:17:51.585 We gonna then, 01:17:51.605 --> 01:17:52.275 after that we're 01:17:52.275 --> 01:17:52.905 gonna expand to 01:17:52.905 --> 01:17:53.695 Turkey and Egypt. 01:17:53.715 --> 01:17:54.405 That's the Greater 01:17:54.405 --> 01:17:55.205 Israel project. 01:17:58.116 --> 01:17:58.795 Everybody should 01:17:58.796 --> 01:17:59.475 listen to these 01:17:59.476 --> 01:18:00.496 guys because they 01:18:00.585 --> 01:18:01.395 will tell you what 01:18:01.395 --> 01:18:02.505 they want and what 01:18:02.505 --> 01:18:03.095 they're doing. 01:18:03.485 --> 01:18:03.595 Yeah. 01:18:03.960 --> 01:18:04.325 Yeah. 01:18:04.625 --> 01:18:05.425 They're quite candid 01:18:05.425 --> 01:18:06.135 about it, and there 01:18:06.135 --> 01:18:06.846 you just heard it 01:18:06.846 --> 01:18:08.036 from really the 01:18:08.036 --> 01:18:08.936 horse's mouth. 01:18:09.215 --> 01:18:09.966 We need to talk 01:18:09.975 --> 01:18:10.735 about Ukraine. 01:18:12.236 --> 01:18:13.186 This next story, this 01:18:13.186 --> 01:18:14.405 is the daily double 01:18:14.415 --> 01:18:15.115 for Simpliculus. 01:18:15.115 --> 01:18:15.895 This is the second 01:18:15.895 --> 01:18:18.796 story I can't wait 01:18:18.796 --> 01:18:19.256 to get your ta- 01:18:19.256 --> 01:18:20.116 there's a disclosure 01:18:20.116 --> 01:18:20.456 here, and I was 01:18:20.456 --> 01:18:22.066 like, "What?" he's 01:18:22.066 --> 01:18:22.986 talking about how 01:18:23.066 --> 01:18:23.756 Simplicissimus 01:18:23.756 --> 01:18:24.386 is talking about 01:18:24.386 --> 01:18:26.666 how U- Russia is 01:18:26.666 --> 01:18:27.736 really just going 01:18:27.736 --> 01:18:28.935 to town on Ukraine. 01:18:29.286 --> 01:18:29.946 They're serious 01:18:29.946 --> 01:18:30.515 about this. 01:18:31.056 --> 01:18:32.186 Where is this headed, 01:18:33.015 --> 01:18:34.096 is the question, and 01:18:34.096 --> 01:18:35.025 there's a disclosure 01:18:35.025 --> 01:18:35.966 in this article by 01:18:36.706 --> 01:18:37.406 Simplicissimus that 01:18:37.406 --> 01:18:38.945 the, it's nowhere 01:18:38.946 --> 01:18:39.805 good would seem 01:18:39.806 --> 01:18:40.485 to be the answer. 01:18:41.185 --> 01:18:42.236 Ukraine buckling. 01:18:42.306 --> 01:18:43.585 A new Russian strike 01:18:43.585 --> 01:18:44.846 strategy savages 01:18:44.855 --> 01:18:46.085 Kiev round the clock 01:18:46.095 --> 01:18:47.795 as true motives of 01:18:47.796 --> 01:18:49.716 CIA Moscow visit 01:18:49.745 --> 01:18:50.445 are revealed. 01:18:50.975 --> 01:18:51.746 Last night, Kiev 01:18:51.746 --> 01:18:52.716 was hit with another 01:18:52.725 --> 01:18:53.486 massive strike, 01:18:53.495 --> 01:18:54.265 which resulted in 01:18:54.265 --> 01:18:55.106 the explosion of a 01:18:55.106 --> 01:18:56.605 weapons depot, the 01:18:56.605 --> 01:18:57.526 second of its kind, 01:18:57.526 --> 01:18:58.365 stored right next 01:18:58.365 --> 01:18:59.255 to a civilian area. 01:18:59.896 --> 01:19:01.265 Nearly 40 civilians 01:19:01.265 --> 01:19:01.946 have died. 01:19:02.345 --> 01:19:03.336 It looked like it 01:19:03.336 --> 01:19:04.695 was a, a batch of 01:19:04.696 --> 01:19:06.106 Patriot missiles that 01:19:06.355 --> 01:19:07.356 went up in flames. 01:19:07.865 --> 01:19:08.795 But more significant 01:19:08.865 --> 01:19:09.455 is the fact 01:19:09.466 --> 01:19:09.965 that Russia has 01:19:09.966 --> 01:19:10.815 been absolutely 01:19:10.826 --> 01:19:12.866 vaporizing Ukraine's 01:19:12.866 --> 01:19:13.335 infrastructure 01:19:13.335 --> 01:19:14.276 and grain export 01:19:14.276 --> 01:19:15.025 capabilities. 01:19:15.806 --> 01:19:16.696 The most troubling 01:19:16.696 --> 01:19:17.616 report comes from 01:19:17.626 --> 01:19:18.666 Ukraine's own 01:19:19.435 --> 01:19:20.935 Ukrinform outlet, 01:19:21.295 --> 01:19:22.086 which says, 01:19:22.485 --> 01:19:23.466 quote, "Despite 01:19:23.466 --> 01:19:24.106 the fact that the 01:19:24.106 --> 01:19:25.586 enemy destroyed 01:19:25.605 --> 01:19:26.995 about 90% of the 01:19:26.995 --> 01:19:29.015 warehouse of retail 01:19:29.015 --> 01:19:30.695 chains, Ukrainians 01:19:30.705 --> 01:19:31.535 will not be left 01:19:31.536 --> 01:19:32.125 without food." 01:19:32.135 --> 01:19:32.785 That's interesting. 01:19:32.786 --> 01:19:33.516 You could destroy 01:19:33.536 --> 01:19:35.195 90% of retail 01:19:35.195 --> 01:19:36.715 warehouses and not 01:19:36.725 --> 01:19:37.585 have a food problem? 01:19:38.425 --> 01:19:39.375 Recall that Ukraine 01:19:39.375 --> 01:19:40.125 began hitting 01:19:40.125 --> 01:19:41.116 Wildberries, and 01:19:41.116 --> 01:19:42.275 that's basically 01:19:42.275 --> 01:19:43.676 Ukraine's that's 01:19:43.676 --> 01:19:44.386 Russia's version 01:19:44.386 --> 01:19:46.045 of Amazon, right? 01:19:47.345 --> 01:19:48.425 Ukraine began hitting 01:19:48.425 --> 01:19:49.356 Wildberries under 01:19:49.356 --> 01:19:50.916 intense, under the 01:19:50.916 --> 01:19:51.925 pretense that some 01:19:51.936 --> 01:19:52.955 military hardware, 01:19:52.955 --> 01:19:53.675 like radios and 01:19:53.686 --> 01:19:54.865 armored ve- vests, 01:19:54.875 --> 01:19:55.635 were sold there, 01:19:56.345 --> 01:19:56.985 but it was really 01:19:57.006 --> 01:19:57.875 retail stuff. 01:19:58.735 --> 01:19:59.806 There is clearly 01:19:59.885 --> 01:20:01.105 something going on 01:20:01.105 --> 01:20:02.095 here just on the 01:20:02.095 --> 01:20:03.116 heels of the CIA 01:20:03.116 --> 01:20:04.006 director's visit 01:20:04.515 --> 01:20:05.805 to warn Moscow 01:20:05.805 --> 01:20:06.625 not to take any 01:20:06.625 --> 01:20:07.855 chances with NATO. 01:20:08.845 --> 01:20:09.235 But here's 01:20:09.235 --> 01:20:10.175 the discloser 01:20:10.775 --> 01:20:11.915 that what? 01:20:12.725 --> 01:20:13.746 A Russian deputy 01:20:13.746 --> 01:20:14.655 foreign minister made 01:20:14.655 --> 01:20:15.625 another interesting 01:20:15.635 --> 01:20:16.925 remark that the 01:20:16.925 --> 01:20:18.015 conflict could be 01:20:18.025 --> 01:20:19.526 settled after Kiev 01:20:19.526 --> 01:20:20.445 is taken under 01:20:20.466 --> 01:20:21.485 an international 01:20:21.525 --> 01:20:22.455 administration. 01:20:23.245 --> 01:20:24.246 This quote is from 01:20:24.246 --> 01:20:25.495 a guy named Galuzin. 01:20:26.936 --> 01:20:27.996 External governance 01:20:28.025 --> 01:20:29.145 in Kiev under the 01:20:29.205 --> 01:20:30.655 auspices of the UN 01:20:31.436 --> 01:20:32.385 could pave the way 01:20:32.385 --> 01:20:33.266 for a diplomatic 01:20:33.266 --> 01:20:33.736 settlement. 01:20:34.376 --> 01:20:35.145 This was stated 01:20:35.186 --> 01:20:36.485 on August 29th in 01:20:36.486 --> 01:20:37.835 an interview with 01:20:37.835 --> 01:20:38.846 Mikhail Galuzin, 01:20:38.846 --> 01:20:39.545 Deputy Foreign 01:20:39.546 --> 01:20:40.385 Minister, Russia. 01:20:40.885 --> 01:20:41.765 He reminded that 01:20:41.766 --> 01:20:42.655 Russian President 01:20:42.656 --> 01:20:43.635 Vladimir Putin 01:20:43.665 --> 01:20:44.345 had previously 01:20:44.345 --> 01:20:46.385 proposed introducing 01:20:47.156 --> 01:20:48.576 temporary external 01:20:48.585 --> 01:20:49.525 administration in 01:20:49.525 --> 01:20:51.696 Ukraine under the 01:20:51.705 --> 01:20:53.525 auspices of the UN, 01:20:54.095 --> 01:20:55.055 the United States, 01:20:55.055 --> 01:20:55.975 European countries, 01:20:55.985 --> 01:20:56.485 and Russian 01:20:56.485 --> 01:20:58.116 partners in order 01:20:58.116 --> 01:20:59.195 to hold elections 01:20:59.195 --> 01:21:00.045 for the Ukrainian 01:21:00.065 --> 01:21:00.855 top leadership. 01:21:00.865 --> 01:21:01.696 According to Putin, 01:21:02.216 --> 01:21:03.215 Russia could already 01:21:03.225 --> 01:21:03.945 be conducting 01:21:03.945 --> 01:21:04.725 negotiations 01:21:04.725 --> 01:21:06.216 to resolve the 01:21:06.216 --> 01:21:07.375 Ukrainian conflict. 01:21:07.406 --> 01:21:08.215 "This could open the 01:21:08.216 --> 01:21:10.115 way to a diplomatic 01:21:10.115 --> 01:21:10.615 settlement," 01:21:10.855 --> 01:21:12.195 Galuzin emphasized. 01:21:13.590 --> 01:21:13.940 What do you 01:21:13.940 --> 01:21:14.790 make of that? 01:21:15.680 --> 01:21:17.030 So I think the 01:21:17.030 --> 01:21:17.890 Russians are 01:21:17.890 --> 01:21:19.140 very frustrated 01:21:19.650 --> 01:21:23.010 by So the US 01:21:23.010 --> 01:21:24.270 has been discussing 01:21:25.710 --> 01:21:26.230 You know, with 01:21:26.940 --> 01:21:27.560 PowerPoint slides, 01:21:27.560 --> 01:21:28.520 the possibility of 01:21:28.520 --> 01:21:29.950 using a tactical 01:21:29.950 --> 01:21:30.660 nuke in Iran. 01:21:30.970 --> 01:21:31.470 Okay. 01:21:31.810 --> 01:21:32.880 So that is part 01:21:32.880 --> 01:21:33.570 of the policy 01:21:33.570 --> 01:21:34.360 discussions. 01:21:35.019 --> 01:21:37.260 And Russia is in the 01:21:37.269 --> 01:21:38.450 middle of changing 01:21:38.460 --> 01:21:41.280 its first strike 01:21:41.509 --> 01:21:43.350 Russian word nuclear 01:21:43.350 --> 01:21:44.950 policies in response 01:21:44.950 --> 01:21:45.689 to that, and I don't 01:21:45.700 --> 01:21:46.500 begin to understand 01:21:46.500 --> 01:21:47.410 the details of it. 01:21:47.960 --> 01:21:48.780 In the meantime, 01:21:48.780 --> 01:21:49.419 they're giving 01:21:49.419 --> 01:21:50.059 more missile 01:21:50.060 --> 01:21:51.419 capability to Iran. 01:21:51.429 --> 01:21:51.809 That's 01:21:51.819 --> 01:21:52.699 Simplicissimus' 01:21:52.720 --> 01:21:53.180 newest one 01:21:53.180 --> 01:21:53.820 this morning. 01:21:54.700 --> 01:21:55.729 And I think they 01:21:55.729 --> 01:21:57.080 think Ukraine is 01:21:57.110 --> 01:21:59.520 in on, on the 01:21:59.530 --> 01:22:00.899 brink of implosion. 01:22:01.629 --> 01:22:02.790 I think they think 01:22:02.790 --> 01:22:03.959 the US doesn't have 01:22:03.969 --> 01:22:04.920 the missiles and 01:22:04.929 --> 01:22:06.720 other materials 01:22:06.720 --> 01:22:07.829 to give, neither 01:22:07.829 --> 01:22:09.550 does Europe, and I 01:22:09.559 --> 01:22:10.240 think they're very 01:22:10.240 --> 01:22:11.909 frustrated with 01:22:11.910 --> 01:22:12.559 what the Ukraine 01:22:12.559 --> 01:22:13.390 has been doing with 01:22:13.559 --> 01:22:14.620 attacking people on 01:22:14.629 --> 01:22:15.809 beaches in Russia, 01:22:16.399 --> 01:22:16.960 and they're just 01:22:16.960 --> 01:22:17.820 gonna go in and go 01:22:17.820 --> 01:22:18.929 for the jugular and 01:22:18.929 --> 01:22:19.989 get this finished, 01:22:20.429 --> 01:22:21.529 whatever that means. 01:22:22.109 --> 01:22:23.090 So I think they're 01:22:23.090 --> 01:22:26.329 looking to I think 01:22:26.329 --> 01:22:27.249 they know the US 01:22:27.280 --> 01:22:28.290 can't stop them or 01:22:28.290 --> 01:22:29.139 Europe can't stop 01:22:29.140 --> 01:22:29.739 them, and I think 01:22:29.739 --> 01:22:30.490 they wanna, whether 01:22:30.490 --> 01:22:31.529 it's taking Kiev 01:22:31.530 --> 01:22:32.550 or taking Odesa 01:22:33.280 --> 01:22:33.980 whatever the end 01:22:33.980 --> 01:22:34.930 game is, they want 01:22:35.149 --> 01:22:35.909 to get this done. 01:22:35.919 --> 01:22:36.609 They wanna take the 01:22:36.610 --> 01:22:38.489 Band-Aid off, right? 01:22:38.829 --> 01:22:39.239 Okay. 01:22:39.599 --> 01:22:41.039 So I think they've 01:22:41.040 --> 01:22:41.809 had it, and they're 01:22:41.809 --> 01:22:42.500 just going in 01:22:42.509 --> 01:22:43.219 for the kill. 01:22:44.360 --> 01:22:44.989 See, okay. 01:22:44.989 --> 01:22:45.969 So if you're right, 01:22:46.299 --> 01:22:46.870 if they're going 01:22:46.870 --> 01:22:47.519 in for the kill, 01:22:47.540 --> 01:22:48.139 that would mean 01:22:48.149 --> 01:22:49.220 Galluzzi's wrong. 01:22:49.269 --> 01:22:49.879 There is … That's 01:22:49.879 --> 01:22:50.539 not a diplomatic 01:22:50.540 --> 01:22:51.200 … That doesn't sound 01:22:51.200 --> 01:22:51.880 like a diplomatic- Oh 01:22:51.890 --> 01:22:53.119 … solution to me. 01:22:53.119 --> 01:22:53.479 They get the 01:22:53.479 --> 01:22:54.619 diplomatic solution. 01:22:55.019 --> 01:22:55.789 They do whatever 01:22:55.789 --> 01:22:56.370 they're gonna do, 01:22:56.370 --> 01:22:57.640 they get it fast, and 01:22:57.640 --> 01:22:58.309 then they go for a 01:22:58.309 --> 01:22:59.379 diplomatic solution. 01:22:59.969 --> 01:23:00.339 But- Why would 01:23:00.349 --> 01:23:01.039 they even wanna 01:23:01.049 --> 01:23:01.929 involve the US if 01:23:01.930 --> 01:23:02.429 they've totally 01:23:02.430 --> 01:23:03.539 taken over Ukraine? 01:23:04.070 --> 01:23:04.399 What do they 01:23:04.399 --> 01:23:04.889 need the US for? 01:23:04.890 --> 01:23:05.629 No they won't 01:23:05.689 --> 01:23:06.509 take the, they 01:23:06.509 --> 01:23:07.320 won't take over 01:23:07.320 --> 01:23:08.429 all of the Ukraine. 01:23:09.039 --> 01:23:10.119 What they'll do is 01:23:10.119 --> 01:23:10.889 they'll finish the 01:23:10.890 --> 01:23:12.129 special operation, 01:23:12.140 --> 01:23:13.399 whatever they, that 01:23:13.399 --> 01:23:14.219 is in their mind, 01:23:14.229 --> 01:23:16.350 whether it's just 01:23:16.350 --> 01:23:17.320 the Donbas and 01:23:17.320 --> 01:23:18.259 then Kiev under 01:23:18.409 --> 01:23:19.419 administration 01:23:19.419 --> 01:23:19.909 or Odesa. 01:23:20.759 --> 01:23:21.539 I don't know their 01:23:21.539 --> 01:23:22.939 definition physically 01:23:22.939 --> 01:23:23.879 of what finishing 01:23:23.879 --> 01:23:24.579 off the special 01:23:24.579 --> 01:23:26.069 operation is, but 01:23:26.070 --> 01:23:26.730 I think they wanna 01:23:26.730 --> 01:23:27.969 finish it off fast. 01:23:28.189 --> 01:23:28.840 What did, what was 01:23:28.840 --> 01:23:30.009 the CIA doing most 01:23:30.009 --> 01:23:30.949 recently in Ukraine? 01:23:31.579 --> 01:23:32.159 Or, I'm sorry, 01:23:32.159 --> 01:23:32.589 in Russia? 01:23:33.409 --> 01:23:33.855 You know- It's the 01:23:33.855 --> 01:23:34.189 visit … I don't 01:23:34.279 --> 01:23:35.250 know, 'cause I've 01:23:35.260 --> 01:23:36.200 tried to figure out 01:23:36.200 --> 01:23:37.369 why he was there. 01:23:40.329 --> 01:23:42.539 And I think, first 01:23:42.540 --> 01:23:43.629 of all, I think 01:23:43.629 --> 01:23:45.330 Witkoff and Kushner 01:23:45.339 --> 01:23:47.879 weren't there because 01:23:48.620 --> 01:23:49.379 the Russians have 01:23:49.379 --> 01:23:50.629 had it with sort 01:23:50.629 --> 01:23:51.219 of the Mickey 01:23:51.219 --> 01:23:52.349 Mouse diplomacy. 01:23:53.239 --> 01:23:53.259 Yeah. 01:23:53.260 --> 01:23:53.910 So they sent 01:23:53.910 --> 01:23:55.089 the CIA guy. 01:23:56.379 --> 01:23:57.290 I think he was 01:23:57.290 --> 01:23:59.589 there to try and, my 01:23:59.599 --> 01:24:00.439 guess is to either 01:24:00.439 --> 01:24:02.089 cool things down or 01:24:02.089 --> 01:24:02.969 make something look 01:24:02.979 --> 01:24:03.799 good in the market. 01:24:05.700 --> 01:24:06.509 He was there to 01:24:06.559 --> 01:24:07.539 appease the US 01:24:07.549 --> 01:24:10.450 markets not get 01:24:10.450 --> 01:24:11.449 anything really done 01:24:11.449 --> 01:24:12.090 with the Russians. 01:24:12.109 --> 01:24:12.780 I don't see what 01:24:12.790 --> 01:24:13.739 he could get done. 01:24:15.612 --> 01:24:16.192 To be frank, 01:24:16.202 --> 01:24:17.312 'cause the Russians 01:24:19.862 --> 01:24:20.642 I think he was 01:24:20.652 --> 01:24:21.902 nervous about 01:24:22.292 --> 01:24:22.972 how bad the 01:24:22.972 --> 01:24:24.182 escalation could be. 01:24:24.412 --> 01:24:25.302 Do you think Russia 01:24:25.302 --> 01:24:26.482 finishes this job by 01:24:26.482 --> 01:24:27.262 the end of the year? 01:24:29.546 --> 01:24:30.336 I don't know, but 01:24:30.336 --> 01:24:30.936 I think they wanna 01:24:30.936 --> 01:24:31.846 finish it as soon as 01:24:31.846 --> 01:24:32.786 they possibly can. 01:24:32.796 --> 01:24:33.076 Yeah. 01:24:33.696 --> 01:24:34.206 I think that- 01:24:34.296 --> 01:24:34.876 that's right. 01:24:36.226 --> 01:24:36.906 The, the thing that 01:24:36.906 --> 01:24:37.746 opened my eye about 01:24:37.756 --> 01:24:39.036 that story is the 01:24:39.045 --> 01:24:41.836 whole f- huh? 01:24:42.596 --> 01:24:43.246 You're lowering the 01:24:43.246 --> 01:24:44.925 hand, the boom on 01:24:44.925 --> 01:24:46.365 Ukraine, and then 01:24:46.365 --> 01:24:46.935 at the end of the 01:24:46.935 --> 01:24:48.016 rainbow there's 01:24:48.056 --> 01:24:48.956 a pile of gold 01:24:48.956 --> 01:24:50.525 that includes the 01:24:50.525 --> 01:24:51.786 US and the UN in 01:24:51.786 --> 01:24:52.556 an administrative 01:24:52.736 --> 01:24:53.796 role in Ukraine. 01:24:54.746 --> 01:24:55.106 Huh? 01:24:55.896 --> 01:24:56.256 Yeah. 01:24:56.455 --> 01:24:56.815 Yeah. 01:24:57.025 --> 01:24:57.955 And because I don't 01:24:57.955 --> 01:24:58.675 think Russia wants- 01:24:59.255 --> 01:24:59.675 I don't think 01:24:59.675 --> 01:25:00.605 Russia wants to take 01:25:00.605 --> 01:25:01.345 the whole thing, 01:25:02.096 --> 01:25:03.836 number one and 01:25:03.846 --> 01:25:04.645 they've got a whole 01:25:04.646 --> 01:25:05.505 bunch of private 01:25:05.506 --> 01:25:08.096 investors who- That's 01:25:08.105 --> 01:25:08.405 true. 01:25:08.425 --> 01:25:09.015 Yeah … ha- have 01:25:09.035 --> 01:25:10.465 big interests that 01:25:10.795 --> 01:25:12.955 need protection, and 01:25:12.965 --> 01:25:13.635 they're not gonna 01:25:13.646 --> 01:25:14.935 burn those investors. 01:25:14.936 --> 01:25:15.635 Remember, Putin 01:25:15.646 --> 01:25:16.765 plays both sides. 01:25:16.855 --> 01:25:17.115 Yeah. 01:25:17.375 --> 01:25:17.385 Yeah. 01:25:17.385 --> 01:25:17.986 He for, 01:25:17.995 --> 01:25:18.925 absolutely does. 01:25:18.975 --> 01:25:19.665 We've talked about 01:25:19.666 --> 01:25:21.686 this, that central 01:25:21.686 --> 01:25:23.855 bank, sc gobbledygook 01:25:24.015 --> 01:25:25.035 It's oh. 01:25:25.885 --> 01:25:26.295 So 01:25:26.295 --> 01:25:26.515 he 01:25:26.535 --> 01:25:26.905 plays both sides. 01:25:26.905 --> 01:25:27.120 That's the same 01:25:27.120 --> 01:25:27.334 people who run 01:25:27.334 --> 01:25:28.075 our central bank. 01:25:28.175 --> 01:25:29.585 And so he's got 01:25:29.585 --> 01:25:30.425 a line where he's 01:25:30.425 --> 01:25:31.905 gonna go, and then- 01:25:32.035 --> 01:25:32.305 Yeah 01:25:32.335 --> 01:25:33.045 … he's gonna set 01:25:33.045 --> 01:25:33.775 it up so that the 01:25:33.776 --> 01:25:34.725 private investors 01:25:34.725 --> 01:25:35.695 get what they want 01:25:38.136 --> 01:25:38.916 and in there you're 01:25:38.916 --> 01:25:40.116 gonna need the UN 01:25:40.206 --> 01:25:41.275 and US- Yeah … in 01:25:41.276 --> 01:25:42.106 administration, 01:25:42.106 --> 01:25:42.905 but that's- Yeah. 01:25:43.215 --> 01:25:43.365 That 01:25:43.365 --> 01:25:44.246 makes no sense 01:25:44.295 --> 01:25:44.785 … they're not, they're 01:25:44.785 --> 01:25:45.645 n- they're just 01:25:45.986 --> 01:25:46.775 they're air cover 01:25:46.776 --> 01:25:47.745 for the private guys. 01:25:47.745 --> 01:25:48.356 They're not- 01:25:48.356 --> 01:25:49.305 Yeah … they're not 01:25:49.306 --> 01:25:49.835 players at the table 01:25:49.835 --> 01:25:49.875 In other words, he, 01:25:49.875 --> 01:25:51.145 the, Russia is going 01:25:51.145 --> 01:25:52.425 for broke, but at the 01:25:52.425 --> 01:25:53.145 end of the rainbow 01:25:53.145 --> 01:25:53.535 they're getting 01:25:53.535 --> 01:25:54.516 the lion's share of 01:25:54.516 --> 01:25:55.495 control over there. 01:25:56.316 --> 01:25:57.005 Russia is. 01:25:57.215 --> 01:25:57.735 The, this- 01:25:57.795 --> 01:25:58.455 And the US is gonna 01:25:58.465 --> 01:26:00.036 be, you have a part 01:26:00.036 --> 01:26:00.755 of it, but it's not 01:26:00.755 --> 01:26:01.646 as big as you think. 01:26:02.125 --> 01:26:03.165 Traditionally the 01:26:03.166 --> 01:26:05.745 CIA is the covert 01:26:05.765 --> 01:26:07.166 operations capacity 01:26:07.166 --> 01:26:08.205 of the Central Bank. 01:26:08.375 --> 01:26:08.655 Yeah. 01:26:09.175 --> 01:26:10.225 So they are there 01:26:10.236 --> 01:26:11.515 to p- to represent 01:26:11.515 --> 01:26:12.405 the investors. 01:26:14.099 --> 01:26:14.485 And Witkoff and 01:26:14.486 --> 01:26:15.966 Kushner don't 01:26:16.285 --> 01:26:17.335 represent the Central 01:26:17.335 --> 01:26:18.335 Bank investors. 01:26:18.505 --> 01:26:18.725 No. 01:26:18.725 --> 01:26:19.776 They just represent 01:26:19.776 --> 01:26:20.615 the president's 01:26:20.625 --> 01:26:21.405 grift, right? 01:26:21.835 --> 01:26:22.045 Yeah. 01:26:23.075 --> 01:26:23.925 But I don't think Re- 01:26:24.526 --> 01:26:25.265 Ratcliffe was there 01:26:25.265 --> 01:26:26.395 in a strong position. 01:26:26.405 --> 01:26:27.886 He was just there to- 01:26:28.585 --> 01:26:28.825 Yeah 01:26:28.895 --> 01:26:29.615 … make sure that 01:26:29.615 --> 01:26:30.485 whenever the Russians 01:26:30.486 --> 01:26:31.305 finish going for 01:26:31.306 --> 01:26:32.115 the kill, that 01:26:32.495 --> 01:26:33.295 they had a plan 01:26:33.295 --> 01:26:34.376 on what was next. 01:26:34.685 --> 01:26:34.985 Yeah. 01:26:36.246 --> 01:26:36.596 Okay. 01:26:37.666 --> 01:26:38.056 I think you're 01:26:38.066 --> 01:26:38.466 probably right 01:26:38.466 --> 01:26:38.986 about that. 01:26:39.716 --> 01:26:40.456 But let's turn 01:26:40.466 --> 01:26:41.596 to Hey Robot, 01:26:41.696 --> 01:26:42.306 some interesting 01:26:42.306 --> 01:26:43.046 stories this week. 01:26:43.056 --> 01:26:44.406 Let's start with AI 01:26:45.746 --> 01:26:46.866 and what's really 01:26:46.866 --> 01:26:47.636 going on there. 01:26:48.046 --> 01:26:49.046 This story is by Gary 01:26:49.046 --> 01:26:51.906 Marcus, and I wanna 01:26:51.906 --> 01:26:52.875 begin in the middle 01:26:52.876 --> 01:26:53.845 of the story, and 01:26:53.845 --> 01:26:54.675 the story is called 01:26:54.675 --> 01:26:55.996 OpenAI Is Becoming a 01:26:55.996 --> 01:26:57.146 Surveillance Company. 01:26:57.515 --> 01:26:58.276 Here's the premise 01:26:58.276 --> 01:27:00.056 of it, says this 01:27:00.056 --> 01:27:01.065 guy, Gary Marcus. 01:27:01.466 --> 01:27:02.215 Microsoft and 01:27:02.216 --> 01:27:03.595 OpenAI have only 01:27:03.595 --> 01:27:06.285 one play to make 01:27:06.626 --> 01:27:08.345 AI profitable, and 01:27:08.345 --> 01:27:10.425 this is it, all-out 01:27:10.496 --> 01:27:12.185 24/7 surveillance. 01:27:12.186 --> 01:27:12.796 They are already 01:27:12.796 --> 01:27:13.485 starting to try to 01:27:13.485 --> 01:27:14.445 soften you up for it. 01:27:15.026 --> 01:27:16.595 1984 is coming." 01:27:16.605 --> 01:27:17.376 And then he points 01:27:17.376 --> 01:27:19.395 to OpenAI and Sam 01:27:19.406 --> 01:27:20.685 Altman. "Sam Altman 01:27:20.715 --> 01:27:21.606 has acknowledged 01:27:21.616 --> 01:27:22.125 that he wants to 01:27:22.136 --> 01:27:23.125 train on everyone's 01:27:23.125 --> 01:27:24.045 personal documents, 01:27:24.046 --> 01:27:24.745 Word files, 01:27:24.745 --> 01:27:25.565 email, et cetera. 01:27:26.245 --> 01:27:27.786 ChatGPT has gathered 01:27:27.825 --> 01:27:28.865 unprecedented amounts 01:27:28.866 --> 01:27:29.815 of personal data. 01:27:30.505 --> 01:27:32.045 Altman f- founded 01:27:32.066 --> 01:27:32.866 Worldcoin, 01:27:33.085 --> 01:27:33.936 known for their 01:27:33.936 --> 01:27:35.036 eye-scanning orb. 01:27:35.805 --> 01:27:36.855 OpenAI recently 01:27:36.855 --> 01:27:38.206 put Nakasone, who's 01:27:38.226 --> 01:27:39.836 ex-NSA, on the board, 01:27:39.845 --> 01:27:41.765 and OpenAI put money 01:27:41.786 --> 01:27:44.206 into a $60 million 01:27:44.206 --> 01:27:44.786 fundraise with a 01:27:44.786 --> 01:27:45.975 webcam company and 01:27:45.975 --> 01:27:46.495 is planning hardwa- 01:27:47.165 --> 01:27:47.985 a hardware joint 01:27:47.985 --> 01:27:48.936 venture with them. 01:27:49.645 --> 01:27:50.395 Altman wants to 01:27:50.395 --> 01:27:51.625 know and monetize 01:27:51.676 --> 01:27:52.286 everything 01:27:52.295 --> 01:27:52.945 about you." 01:27:55.182 --> 01:27:56.001 You gotta wonder 01:27:56.382 --> 01:27:57.132 So here's the thing. 01:27:57.132 --> 01:27:58.882 First of all, Altman, 01:27:58.882 --> 01:27:59.602 i- if I was gonna 01:27:59.602 --> 01:28:00.382 respect somebody 01:28:00.382 --> 01:28:00.902 who knows how to 01:28:00.902 --> 01:28:01.842 run a business, it 01:28:01.842 --> 01:28:02.621 would not be Altman. 01:28:02.812 --> 01:28:03.411 He's just… 01:28:04.552 --> 01:28:05.791 He's a real 01:28:07.804 --> 01:28:08.624 I would say he's a 01:28:08.624 --> 01:28:10.324 real, he's a tech 01:28:10.364 --> 01:28:10.809 bro He's another- 01:28:10.809 --> 01:28:11.204 He's a- He's 01:28:11.204 --> 01:28:11.524 another 01:28:11.524 --> 01:28:12.074 face. 01:28:12.134 --> 01:28:12.354 He's a, he's 01:28:12.354 --> 01:28:12.654 a face he's a face. 01:28:13.554 --> 01:28:13.574 Yeah. 01:28:13.634 --> 01:28:14.144 He's another 01:28:14.144 --> 01:28:14.574 tech bro. 01:28:14.604 --> 01:28:15.404 But- Yeah … you 01:28:15.404 --> 01:28:16.504 just had 10 people 01:28:16.504 --> 01:28:17.863 walk out, 10 major 01:28:17.863 --> 01:28:18.743 executives walk 01:28:18.744 --> 01:28:19.753 out of OpenAI. 01:28:20.023 --> 01:28:20.273 Yeah. 01:28:20.733 --> 01:28:21.313 And this, that 01:28:21.313 --> 01:28:21.963 guy thinks he's 01:28:21.964 --> 01:28:22.584 gonna do one of the 01:28:22.584 --> 01:28:23.683 biggest IPOs in the 01:28:23.683 --> 01:28:25.394 world this year. 01:28:25.614 --> 01:28:26.353 I don't think so. 01:28:28.583 --> 01:28:29.614 If he does, it's 01:28:29.614 --> 01:28:30.484 because he's just 01:28:30.484 --> 01:28:31.894 another Musk 01:28:31.894 --> 01:28:33.133 operation, and 01:28:33.474 --> 01:28:34.203 the people really 01:28:34.204 --> 01:28:35.093 running the company 01:28:35.093 --> 01:28:35.864 are something else. 01:28:35.864 --> 01:28:37.284 But I've always 01:28:37.294 --> 01:28:38.013 said, if you look at 01:28:38.013 --> 01:28:39.213 all the AI bubbles 01:28:39.214 --> 01:28:39.844 that are going on, 01:28:39.853 --> 01:28:40.993 you can only justify 01:28:41.004 --> 01:28:42.054 them economically by 01:28:42.054 --> 01:28:43.303 saying, "Okay, it's 01:28:43.304 --> 01:28:43.993 a control grid," 01:28:43.993 --> 01:28:44.434 and then they're 01:28:44.434 --> 01:28:45.443 free to plunder with 01:28:45.443 --> 01:28:45.953 the control grid. 01:28:46.164 --> 01:28:46.904 That's the question- 01:28:46.953 --> 01:28:47.803 the Marcus story 01:28:47.833 --> 01:28:48.894 answers is, what is- 01:28:49.394 --> 01:28:51.473 going on between… 01:28:52.114 --> 01:28:53.324 You, for the story 01:28:53.324 --> 01:28:53.974 you've given about 01:28:54.034 --> 01:28:54.973 AI doing all these 01:28:54.973 --> 01:28:56.153 things, you're 01:28:56.153 --> 01:28:57.704 driving a tack with 01:28:57.704 --> 01:28:58.503 a sledgehammer. 01:28:59.203 --> 01:29:00.213 The sledgehammer is 01:29:00.243 --> 01:29:01.224 up to something else. 01:29:01.234 --> 01:29:01.713 What is it? 01:29:01.763 --> 01:29:03.434 And 24/7 surveillance 01:29:03.503 --> 01:29:04.003 would seem to 01:29:04.003 --> 01:29:04.643 be the answer. 01:29:05.083 --> 01:29:06.944 So I wanna just 01:29:06.953 --> 01:29:09.673 share my… I need 01:29:09.673 --> 01:29:10.763 some wisdom here. 01:29:11.433 --> 01:29:13.084 So when I left the 01:29:13.084 --> 01:29:13.923 administration, 01:29:13.923 --> 01:29:14.724 and then when I 01:29:14.724 --> 01:29:15.983 left being the lead 01:29:15.984 --> 01:29:16.993 financial advisor, 01:29:17.323 --> 01:29:18.033 I tried to warn 01:29:18.033 --> 01:29:18.633 people about the 01:29:18.634 --> 01:29:19.443 mortgage fraud. 01:29:20.143 --> 01:29:20.413 Yeah. 01:29:20.863 --> 01:29:22.153 And we had the 01:29:22.153 --> 01:29:23.044 Community Wizard 01:29:23.044 --> 01:29:23.844 software, then they 01:29:23.844 --> 01:29:24.824 stole that, 'cause 01:29:24.824 --> 01:29:25.724 it showed a lot about 01:29:25.724 --> 01:29:26.584 the mortgage fraud. 01:29:27.113 --> 01:29:28.244 But I tried and tried 01:29:28.244 --> 01:29:31.723 from 1998 to 2006 01:29:32.183 --> 01:29:33.033 to warn everybody 01:29:33.033 --> 01:29:33.713 about the mortgage 01:29:33.713 --> 01:29:34.483 fraud and explain 01:29:34.484 --> 01:29:35.343 what was going on. 01:29:35.954 --> 01:29:37.784 And then the 01:29:37.883 --> 01:29:38.773 financial crisis 01:29:38.774 --> 01:29:39.733 happened, and 01:29:39.774 --> 01:29:40.543 we ended up with 01:29:40.563 --> 01:29:41.454 bailouts that were 01:29:42.333 --> 01:29:43.043 300% of what it 01:29:43.043 --> 01:29:44.483 would take to pay off 01:29:44.484 --> 01:29:45.303 all the mortgages, 01:29:45.304 --> 01:29:45.913 single-family 01:29:45.914 --> 01:29:46.544 mortgages in 01:29:46.544 --> 01:29:47.223 the country. 01:29:48.103 --> 01:29:49.103 And it was then 01:29:49.113 --> 01:29:50.574 that Karl Denninger 01:29:50.583 --> 01:29:52.033 wrote the article, 01:29:52.033 --> 01:29:52.763 which he's taken 01:29:52.763 --> 01:29:55.174 offline, where he 01:29:55.174 --> 01:29:56.193 finally realized 01:29:56.213 --> 01:29:56.913 that the mortgage 01:29:56.914 --> 01:29:58.333 servicing indicated 01:29:58.333 --> 01:29:58.833 that this was 01:29:58.833 --> 01:29:59.694 fraudulent from the 01:29:59.694 --> 01:30:00.434 beginning, and this 01:30:00.434 --> 01:30:01.633 was a systemic fraud. 01:30:02.443 --> 01:30:03.053 And he started 01:30:03.054 --> 01:30:03.644 the article by 01:30:03.644 --> 01:30:04.563 saying, " Catherine 01:30:04.563 --> 01:30:05.173 Austin Fitts has 01:30:05.173 --> 01:30:05.703 been saying this 01:30:05.703 --> 01:30:06.253 for a long time." 01:30:06.563 --> 01:30:07.143 Okay, that was in 01:30:07.143 --> 01:30:08.373 2012, which meant 01:30:08.423 --> 01:30:09.433 I had gone up for 01:30:09.433 --> 01:30:11.133 14 years telling 01:30:11.133 --> 01:30:13.034 everybody the extent 01:30:13.034 --> 01:30:13.693 of the mortgage 01:30:13.693 --> 01:30:14.454 fraud, and it took 01:30:14.454 --> 01:30:16.133 t- till 2012 for 01:30:16.134 --> 01:30:16.773 a guy as smart 01:30:16.774 --> 01:30:17.694 as Karl Denninger 01:30:18.003 --> 01:30:19.423 to hear it, okay? 01:30:19.433 --> 01:30:19.453 Yeah. 01:30:20.134 --> 01:30:20.984 And I still had 01:30:20.984 --> 01:30:22.144 people who couldn't 01:30:22.144 --> 01:30:23.234 hear it, okay? 01:30:23.244 --> 01:30:23.264 Yeah. 01:30:23.953 --> 01:30:25.723 So now i- it's 01:30:25.723 --> 01:30:26.013 been obv- so there 01:30:26.013 --> 01:30:27.073 are people out there 01:30:27.083 --> 01:30:28.513 to this day who 01:30:28.513 --> 01:30:29.493 think the crisis was 01:30:29.494 --> 01:30:30.664 about home flippers. 01:30:34.693 --> 01:30:36.763 So to… It has 01:30:36.763 --> 01:30:37.883 been clear from the 01:30:37.884 --> 01:30:39.123 moment all of these 01:30:39.123 --> 01:30:40.063 stocks started to 01:30:40.063 --> 01:30:41.803 rise that the only 01:30:41.804 --> 01:30:42.933 way you could justify 01:30:42.933 --> 01:30:43.893 the economics of the 01:30:43.893 --> 01:30:45.713 AI stocks and related 01:30:45.714 --> 01:30:47.674 stocks was if it 01:30:47.683 --> 01:30:48.704 succeeded in building 01:30:48.704 --> 01:30:49.474 a control grid. 01:30:49.483 --> 01:30:49.503 Yeah. 01:30:50.183 --> 01:30:51.423 It's so obvious. 01:30:51.423 --> 01:30:52.173 It's two plus 01:30:52.173 --> 01:30:53.054 two equals four. 01:30:53.354 --> 01:30:54.474 It's obvious, and 01:30:54.474 --> 01:30:56.604 yet this guy is 01:30:56.604 --> 01:30:57.524 just starting to… 01:30:57.843 --> 01:30:58.813 The glimmer is 01:30:58.813 --> 01:30:59.393 just starting 01:30:59.393 --> 01:31:00.084 to get through. 01:31:00.914 --> 01:31:01.234 Yeah. 01:31:03.648 --> 01:31:04.738 So the, so like 01:31:04.738 --> 01:31:05.248 the mortgage 01:31:05.248 --> 01:31:06.498 story, right? 01:31:07.458 --> 01:31:08.348 With, you could pay 01:31:08.348 --> 01:31:09.878 off every mortgage in 01:31:09.878 --> 01:31:10.838 the US and probably 01:31:10.838 --> 01:31:11.308 every mortgage 01:31:11.308 --> 01:31:11.398 in the world- 01:31:11.398 --> 01:31:12.038 Three times over. 01:31:12.278 --> 01:31:12.478 Yeah, 01:31:12.558 --> 01:31:12.888 three times over 01:31:12.888 --> 01:31:13.668 … and it still wouldn't 01:31:13.668 --> 01:31:14.678 account for the 01:31:14.678 --> 01:31:16.038 volume of cash we're 01:31:16.038 --> 01:31:16.668 talking about here. 01:31:17.517 --> 01:31:18.057 Something else 01:31:18.057 --> 01:31:18.497 is going on. 01:31:18.617 --> 01:31:19.067 It's the same 01:31:19.068 --> 01:31:19.368 thing with the 01:31:19.368 --> 01:31:19.948 data centers. 01:31:19.948 --> 01:31:22.107 It's no, the data 01:31:22.108 --> 01:31:22.877 centers, the number 01:31:22.878 --> 01:31:23.467 of data centers 01:31:23.467 --> 01:31:23.798 you're talking 01:31:23.807 --> 01:31:25.967 about is way past- 01:31:26.337 --> 01:31:26.857 The money you're 01:31:26.858 --> 01:31:27.907 pouring into this? 01:31:28.038 --> 01:31:28.807 Yeah, it doesn't 01:31:28.807 --> 01:31:29.437 make sense. 01:31:31.038 --> 01:31:31.103 It doesn't 01:31:31.103 --> 01:31:31.153 make sense. 01:31:31.178 --> 01:31:32.778 And look so you and 01:31:32.778 --> 01:31:34.247 I was it you and I? 01:31:34.268 --> 01:31:35.217 I, somebody went 01:31:35.217 --> 01:31:36.078 through the revenues 01:31:36.078 --> 01:31:36.828 and expenses of 01:31:36.828 --> 01:31:37.707 the US budget. 01:31:38.158 --> 01:31:38.618 Wasn't me. 01:31:39.287 --> 01:31:40.018 Yeah, so we were 01:31:40.018 --> 01:31:40.617 looking at the 01:31:40.618 --> 01:31:41.997 fact that in 2024 01:31:41.997 --> 01:31:44.547 it's $824 billion 01:31:45.167 --> 01:31:46.057 for defense, but 01:31:46.057 --> 01:31:47.328 this year we're 01:31:47.328 --> 01:31:49.307 pushing 1.5 billion 01:31:49.967 --> 01:31:50.828 for defense. 01:31:50.828 --> 01:31:51.028 Trillion. 01:31:51.028 --> 01:31:51.268 Trillion. 01:31:51.268 --> 01:31:52.037 I'm sorry, trillion. 01:31:52.077 --> 01:31:52.097 Yeah. 01:31:52.097 --> 01:31:53.088 1.5 trillion 01:31:53.088 --> 01:31:53.807 for, for- 01:31:53.877 --> 01:31:54.067 Yeah. 01:31:54.467 --> 01:31:55.538 For that's 01:31:55.548 --> 01:31:56.797 almost a double. 01:31:57.987 --> 01:31:58.297 Yeah. 01:31:59.986 --> 01:32:00.201 It's like it's 01:32:00.201 --> 01:32:00.416 not adding up. 01:32:00.736 --> 01:32:00.925 We're, 01:32:01.936 --> 01:32:02.806 we're talking about 01:32:03.156 --> 01:32:03.755 that's to- put 01:32:03.755 --> 01:32:04.516 up toll booths all 01:32:04.516 --> 01:32:05.016 over the world, 01:32:05.416 --> 01:32:05.965 yeah, that's 01:32:05.965 --> 01:32:06.010 building- It's 01:32:06.010 --> 01:32:06.866 24/7 … tolling. 01:32:07.556 --> 01:32:08.406 Marcus, I think, is 01:32:08.406 --> 01:32:09.786 probably on the tip 01:32:09.786 --> 01:32:10.465 of an iceberg, but 01:32:10.465 --> 01:32:12.016 24/7 surveillance at 01:32:12.016 --> 01:32:13.026 least is getting in 01:32:13.026 --> 01:32:14.035 the right ballpark. 01:32:14.356 --> 01:32:14.586 Yeah. 01:32:14.586 --> 01:32:15.596 No, he's starting, 01:32:15.945 --> 01:32:16.885 it's… He's starting 01:32:16.885 --> 01:32:18.635 to grok that this is 01:32:18.656 --> 01:32:20.445 not a business model. 01:32:20.445 --> 01:32:20.965 Yeah. 01:32:20.965 --> 01:32:21.356 It's a 01:32:21.406 --> 01:32:22.496 governance model. 01:32:23.656 --> 01:32:24.006 It's a 01:32:24.006 --> 01:32:24.696 governance model. 01:32:24.705 --> 01:32:25.016 It's not a 01:32:25.016 --> 01:32:25.765 business model, 01:32:26.066 --> 01:32:26.746 let's keep that 01:32:26.746 --> 01:32:27.795 going with the Meta 01:32:27.795 --> 01:32:28.545 settlement, 'cause 01:32:28.806 --> 01:32:29.465 that's very much 01:32:29.465 --> 01:32:30.105 in line with what 01:32:30.105 --> 01:32:30.765 you're talking about. 01:32:30.775 --> 01:32:31.625 Here we go, Meta. 01:32:32.285 --> 01:32:33.045 There he is on 01:32:33.045 --> 01:32:33.625 the left, Mark 01:32:33.625 --> 01:32:34.725 Zuckerberg, looking 01:32:34.746 --> 01:32:36.016 as, I must say, 01:32:36.025 --> 01:32:38.035 robotic as ever. 01:32:38.215 --> 01:32:38.565 Does it look 01:32:38.566 --> 01:32:39.045 like they have 01:32:39.045 --> 01:32:39.876 a new clone? 01:32:40.955 --> 01:32:41.846 I, when I first 01:32:41.846 --> 01:32:42.276 looked at that 01:32:42.276 --> 01:32:42.816 picture, I thought, 01:32:42.816 --> 01:32:43.585 "I won- I wonder if 01:32:43.586 --> 01:32:44.366 they have a new clone 01:32:44.366 --> 01:32:44.736 for Zuckerberg." 01:32:44.746 --> 01:32:45.116 It does. 01:32:45.116 --> 01:32:46.185 It looks like a new, 01:32:46.505 --> 01:32:47.205 A new clone. 01:32:47.205 --> 01:32:47.555 Looks 01:32:47.555 --> 01:32:49.155 like the, the T-1000 01:32:49.165 --> 01:32:50.085 got a new skin. 01:32:50.505 --> 01:32:50.775 Yeah. 01:32:51.115 --> 01:32:51.495 Okay. 01:32:51.495 --> 01:32:52.975 Meta's $18 billion 01:32:53.195 --> 01:32:54.305 child safety deal, 01:32:55.226 --> 01:32:55.626 let's see if I 01:32:55.626 --> 01:32:56.295 can grab… There 01:32:56.295 --> 01:32:57.275 we go, hinges on 01:32:57.285 --> 01:32:58.345 age verification 01:32:58.345 --> 01:32:59.036 tech that doesn't 01:32:59.036 --> 01:33:00.395 work that well. 01:33:00.735 --> 01:33:01.185 So everybody's 01:33:01.185 --> 01:33:01.586 making a big 01:33:01.586 --> 01:33:02.286 deal, $18 billion 01:33:02.496 --> 01:33:04.205 settlement by 29 01:33:04.216 --> 01:33:05.385 US states concerning 01:33:05.385 --> 01:33:06.185 children's safety. 01:33:06.496 --> 01:33:07.476 Not that big a deal. 01:33:08.225 --> 01:33:09.035 It gives the 01:33:09.036 --> 01:33:09.755 attorney generals 01:33:09.755 --> 01:33:10.425 from the states what 01:33:10.426 --> 01:33:11.045 they want, which 01:33:11.045 --> 01:33:11.766 is the political 01:33:11.766 --> 01:33:12.625 story that they've 01:33:12.625 --> 01:33:14.055 extracted a huge 01:33:14.085 --> 01:33:15.465 amount of benefit 01:33:15.466 --> 01:33:16.135 for the public from 01:33:16.135 --> 01:33:16.725 this settlement, 01:33:16.725 --> 01:33:17.656 including platform 01:33:17.656 --> 01:33:19.175 changes, says a 01:33:19.216 --> 01:33:20.455 technology litigator. 01:33:20.985 --> 01:33:21.735 The fact that it's 01:33:21.746 --> 01:33:22.655 being paid, though, 01:33:22.665 --> 01:33:24.935 over 10 years, 10 01:33:24.935 --> 01:33:25.695 years, really does 01:33:25.695 --> 01:33:26.566 blunt the financial 01:33:26.566 --> 01:33:27.605 impact of the large 01:33:27.625 --> 01:33:29.135 number, especially 01:33:29.135 --> 01:33:30.125 compared to Meta's 01:33:30.155 --> 01:33:31.085 annual revenue, 01:33:31.095 --> 01:33:31.695 which is more 01:33:31.695 --> 01:33:33.585 than $200 billion. 01:33:33.585 --> 01:33:34.245 So they're paying 01:33:34.245 --> 01:33:35.835 $1.8 billion a year. 01:33:35.835 --> 01:33:36.696 It's a $200 billion 01:33:36.696 --> 01:33:37.536 a year company. 01:33:37.536 --> 01:33:38.475 Eh, not that 01:33:38.615 --> 01:33:39.165 big a deal. 01:33:39.635 --> 01:33:40.265 And if you look at 01:33:40.265 --> 01:33:41.305 where inflation is 01:33:41.305 --> 01:33:42.315 running right now- 01:33:43.066 --> 01:33:43.106 Let's- 01:33:43.485 --> 01:33:44.005 … They're gonna pay 01:33:44.005 --> 01:33:44.615 it back with m- 01:33:44.926 --> 01:33:46.155 lower dollars there. 01:33:46.165 --> 01:33:46.755 Let's look at 01:33:46.755 --> 01:33:47.645 what Meta gets out 01:33:47.645 --> 01:33:48.285 of this, though. 01:33:49.085 --> 01:33:49.975 Number one, it 01:33:49.975 --> 01:33:51.155 settles allegations 01:33:51.185 --> 01:33:52.396 that it intentionally 01:33:52.405 --> 01:33:53.085 designed its 01:33:53.106 --> 01:33:54.316 platform to keep 01:33:54.405 --> 01:33:55.736 children addicted. 01:33:57.115 --> 01:33:58.185 And it avoids, 01:33:58.295 --> 01:33:59.556 number two, a jury 01:33:59.556 --> 01:34:01.225 trial that could've 01:34:01.225 --> 01:34:02.565 jeopardized the legal 01:34:02.566 --> 01:34:03.315 protections that 01:34:03.316 --> 01:34:04.586 Meta had, allowing 01:34:04.595 --> 01:34:06.005 it and other social 01:34:06.005 --> 01:34:07.126 platforms to escape 01:34:07.126 --> 01:34:08.596 liabilities for 01:34:08.596 --> 01:34:09.935 what users post. 01:34:10.495 --> 01:34:11.125 That's a pretty 01:34:11.125 --> 01:34:11.905 big… That's a 01:34:11.905 --> 01:34:13.725 lot to sweep under 01:34:13.726 --> 01:34:15.726 the carpet for $1.8 01:34:15.735 --> 01:34:16.816 billion a year out 01:34:16.816 --> 01:34:18.095 of a $200 billion 01:34:18.095 --> 01:34:18.836 a year company. 01:34:19.756 --> 01:34:20.815 But under the 01:34:20.836 --> 01:34:21.635 proposed settlement 01:34:21.635 --> 01:34:22.486 terms, Meta has 01:34:22.486 --> 01:34:23.396 proposed a list 01:34:23.396 --> 01:34:24.505 of design changes. 01:34:24.955 --> 01:34:25.655 So this is part 01:34:25.655 --> 01:34:26.205 of the settlement 01:34:26.445 --> 01:34:27.235 Oh look at what 01:34:27.305 --> 01:34:29.625 we're doing to help 01:34:29.625 --> 01:34:30.295 the court and to 01:34:30.295 --> 01:34:31.285 help the public." 01:34:31.455 --> 01:34:32.035 Yeah, they're 01:34:32.036 --> 01:34:32.855 helping themselves. 01:34:33.476 --> 01:34:34.445 The proposed design 01:34:34.445 --> 01:34:35.396 changes include a 01:34:35.396 --> 01:34:36.325 default two-hour 01:34:36.325 --> 01:34:37.255 daily screen time 01:34:37.256 --> 01:34:37.916 limit for app 01:34:37.916 --> 01:34:39.335 use, prompts that 01:34:39.335 --> 01:34:40.215 appear every 15 01:34:40.215 --> 01:34:41.245 minutes to encourage 01:34:41.245 --> 01:34:42.325 intentional use 01:34:44.015 --> 01:34:45.115 hours restrictions, 01:34:45.695 --> 01:34:46.045 and on. 01:34:47.598 --> 01:34:48.628 These design changes 01:34:48.638 --> 01:34:49.408 were proposed in 01:34:49.408 --> 01:34:49.888 the settlement. 01:34:49.898 --> 01:34:50.658 They seem great 01:34:50.658 --> 01:34:51.528 on paper, but they 01:34:51.528 --> 01:34:52.598 are all reliant 01:34:53.068 --> 01:34:54.178 upon successful, 01:34:54.178 --> 01:34:54.758 effective, and 01:34:54.808 --> 01:34:55.968 unbiased age 01:34:56.038 --> 01:34:56.818 verification 01:34:56.818 --> 01:34:57.528 technology. 01:34:58.088 --> 01:34:58.838 Companies now 01:34:58.888 --> 01:35:00.108 typically, get this, 01:35:00.388 --> 01:35:01.648 typically verify age 01:35:01.648 --> 01:35:03.558 through biometric 01:35:03.558 --> 01:35:04.297 scans, like a 01:35:04.297 --> 01:35:05.698 selfie, government 01:35:05.698 --> 01:35:07.598 ID text ID checks, 01:35:07.608 --> 01:35:08.518 or analysis of 01:35:08.518 --> 01:35:09.308 behavioral patterns. 01:35:09.317 --> 01:35:11.577 So all hyper-personal 01:35:11.588 --> 01:35:12.968 data that Meta is 01:35:12.978 --> 01:35:14.277 proposing to use 01:35:14.278 --> 01:35:15.437 to verify itself. 01:35:16.077 --> 01:35:16.878 "Meta has 01:35:16.878 --> 01:35:17.737 extraordinary 01:35:17.737 --> 01:35:19.287 power to create 01:35:19.297 --> 01:35:21.128 norms through these 01:35:21.138 --> 01:35:22.088 platform design 01:35:22.088 --> 01:35:23.458 changes," says the 01:35:23.458 --> 01:35:24.657 technology litigator. 01:35:25.098 --> 01:35:26.368 Meta's making 01:35:26.368 --> 01:35:26.817 out here. 01:35:26.857 --> 01:35:27.247 They're part 01:35:27.247 --> 01:35:27.937 of the problem. 01:35:27.947 --> 01:35:28.958 But now we're talking 01:35:28.958 --> 01:35:29.677 about the control 01:35:29.677 --> 01:35:30.427 grid again, 'cause 01:35:30.427 --> 01:35:31.247 they have- Yeah, 01:35:31.317 --> 01:35:31.727 exactly 01:35:31.758 --> 01:35:33.078 everyone, even if 01:35:33.078 --> 01:35:34.267 you're 90, has to 01:35:34.267 --> 01:35:35.567 verify their age 01:35:36.008 --> 01:35:38.148 with a government ID. 01:35:39.278 --> 01:35:40.127 Here we go again. 01:35:40.577 --> 01:35:42.017 So this, this big 01:35:42.028 --> 01:35:43.037 settlement by Meta 01:35:43.037 --> 01:35:43.948 is, does nothing 01:35:43.948 --> 01:35:44.647 but advance the 01:35:44.647 --> 01:35:45.288 control grid. 01:35:45.848 --> 01:35:46.948 Advances the control 01:35:46.948 --> 01:35:48.107 grid, and it gets 01:35:48.107 --> 01:35:48.907 it away from jury 01:35:48.907 --> 01:35:49.827 trials, which could 01:35:49.827 --> 01:35:50.508 compensate the 01:35:50.508 --> 01:35:51.147 people who've been 01:35:51.147 --> 01:35:51.847 harmed by Meta. 01:35:52.748 --> 01:35:53.028 Yeah. 01:35:54.157 --> 01:35:55.017 Because that, I 01:35:55.017 --> 01:35:55.397 don't know where 01:35:55.397 --> 01:35:57.377 that billion that 18 01:35:57.377 --> 01:35:59.857 billion goes, but I 01:35:59.858 --> 01:36:00.837 don't think it begins 01:36:00.837 --> 01:36:01.858 to compensate the way 01:36:01.858 --> 01:36:02.997 jury trials would. 01:36:03.337 --> 01:36:03.768 Let, let me 01:36:03.768 --> 01:36:04.407 tell you another 01:36:04.418 --> 01:36:05.517 benefit of avoiding 01:36:05.517 --> 01:36:06.317 a jury trial, 01:36:07.237 --> 01:36:08.367 Ah, the disclosure 01:36:10.126 --> 01:36:10.896 There's that. 01:36:11.396 --> 01:36:12.086 That's one. 01:36:12.246 --> 01:36:12.906 That's certainly 01:36:12.906 --> 01:36:13.876 a big one because 01:36:13.886 --> 01:36:14.766 the settlements are 01:36:14.766 --> 01:36:16.106 always confidential. 01:36:18.286 --> 01:36:18.736 And you don't 01:36:18.736 --> 01:36:19.286 have a trial 01:36:19.286 --> 01:36:20.346 where the exhibits 01:36:20.346 --> 01:36:21.166 and deposition 01:36:21.166 --> 01:36:21.746 transcripts- and 01:36:21.746 --> 01:36:22.236 everything else 01:36:22.265 --> 01:36:22.716 come out in the 01:36:22.716 --> 01:36:23.506 public because we 01:36:23.506 --> 01:36:24.195 don't have star 01:36:24.196 --> 01:36:24.976 chambers in the US. 01:36:24.976 --> 01:36:26.496 We try things out 01:36:26.496 --> 01:36:28.036 in the open so far. 01:36:28.036 --> 01:36:28.545 But the other 01:36:28.546 --> 01:36:30.085 advantage is when you 01:36:30.085 --> 01:36:30.935 have a jury trial and 01:36:30.935 --> 01:36:31.736 you have a judgment 01:36:32.175 --> 01:36:33.085 the court, after 01:36:33.085 --> 01:36:33.996 the jury is done, 01:36:34.905 --> 01:36:35.885 typically accepts 01:36:35.886 --> 01:36:36.755 the jury's judgment. 01:36:36.765 --> 01:36:37.425 Sometimes will 01:36:37.425 --> 01:36:38.186 say, " no reas-…" 01:36:38.225 --> 01:36:39.156 But whatever the 01:36:39.156 --> 01:36:40.335 judge does, it's 01:36:40.335 --> 01:36:41.045 a written opinion. 01:36:41.046 --> 01:36:41.915 It sets precedent. 01:36:42.995 --> 01:36:43.806 And when you avoid 01:36:43.806 --> 01:36:44.555 a jury trial and you 01:36:44.556 --> 01:36:45.126 have a settlement, 01:36:45.146 --> 01:36:45.946 there's no precedent 01:36:45.946 --> 01:36:47.345 set because the 01:36:47.345 --> 01:36:48.715 settlement is, it's 01:36:48.716 --> 01:36:49.466 not public, it's 01:36:49.466 --> 01:36:50.105 not a judgment. 01:36:50.536 --> 01:36:50.736 It's an agreement. 01:36:50.736 --> 01:36:51.666 Wow, a precedent 01:36:51.666 --> 01:36:51.916 could- 01:36:52.615 --> 01:36:53.215 It's an agreement 01:36:53.225 --> 01:36:53.765 between two 01:36:53.765 --> 01:36:54.815 parties, plaintiffs 01:36:54.815 --> 01:36:55.565 and defendants. 01:36:56.076 --> 01:36:56.716 Wow. 01:36:57.995 --> 01:36:58.556 That's the big 01:36:58.556 --> 01:36:59.315 advantage of 01:36:59.345 --> 01:37:00.735 avoiding… To Meta 01:37:01.915 --> 01:37:02.795 by avoiding a jury 01:37:02.795 --> 01:37:03.805 trial, they avoid 01:37:03.806 --> 01:37:04.696 setting any precedent 01:37:04.705 --> 01:37:05.275 with this case. 01:37:06.776 --> 01:37:07.495 You think, do you 01:37:07.495 --> 01:37:08.185 think Meta, do you 01:37:08.185 --> 01:37:09.025 think Mark Zuckerberg 01:37:09.036 --> 01:37:09.765 wants a settlement 01:37:09.795 --> 01:37:11.156 or wants, wants a 01:37:11.156 --> 01:37:12.115 court weighing in- 01:37:12.126 --> 01:37:13.595 No … on addiction 01:37:13.795 --> 01:37:14.686 of children and- No 01:37:14.696 --> 01:37:15.315 seeing how that 01:37:15.315 --> 01:37:15.976 might turn out? 01:37:16.605 --> 01:37:17.575 Absolutely not. 01:37:17.815 --> 01:37:18.326 He's getting 01:37:18.326 --> 01:37:18.885 saved by the 01:37:18.886 --> 01:37:19.805 attorney generals. 01:37:20.335 --> 01:37:20.665 Yeah. 01:37:21.155 --> 01:37:21.385 Yep. 01:37:21.895 --> 01:37:22.516 They're saving him. 01:37:22.815 --> 01:37:22.835 Yeah. 01:37:22.846 --> 01:37:23.985 It reminds me a lot, 01:37:24.005 --> 01:37:25.376 that's funny, he, 01:37:25.605 --> 01:37:26.175 the, the attorney 01:37:26.175 --> 01:37:26.945 generals are saving 01:37:26.946 --> 01:37:27.785 him like they saved 01:37:27.785 --> 01:37:28.855 the mortgage industry 01:37:29.395 --> 01:37:30.356 from all the 01:37:30.356 --> 01:37:31.396 foreclosure fraud and 01:37:31.396 --> 01:37:32.225 the mortgage fraud. 01:37:33.885 --> 01:37:34.466 Same thing. 01:37:34.486 --> 01:37:35.095 Same dynamics- 01:37:35.096 --> 01:37:35.716 So- … playing out 01:37:35.755 --> 01:37:36.815 … as far as I know, 01:37:36.835 --> 01:37:38.076 there's not been one 01:37:38.076 --> 01:37:39.845 case brought against 01:37:39.846 --> 01:37:40.805 the mortgage industry 01:37:40.815 --> 01:37:41.445 for fraudulent 01:37:41.446 --> 01:37:41.936 inducement- 01:37:42.796 --> 01:37:43.116 No, I 01:37:43.116 --> 01:37:43.435 don't think 01:37:43.715 --> 01:37:43.935 That I know of. 01:37:43.935 --> 01:37:44.386 No, not that 01:37:44.386 --> 01:37:44.805 I know of. 01:37:45.215 --> 01:37:45.435 Yeah. 01:37:46.765 --> 01:37:47.375 And as far as I'm 01:37:47.376 --> 01:37:47.986 concerned, the whole 01:37:47.995 --> 01:37:49.105 thing is fraudulent 01:37:49.105 --> 01:37:49.625 inducement, 01:37:50.556 --> 01:37:50.926 yeah. 01:37:51.575 --> 01:37:51.595 Yeah. 01:37:53.056 --> 01:37:54.005 Let's go to our last 01:37:54.005 --> 01:37:55.086 story in Hey Robot, 01:37:55.096 --> 01:37:56.265 and that's inc- You 01:37:56.265 --> 01:37:57.175 know, again this 01:37:57.175 --> 01:37:58.855 is, the, the things 01:37:58.855 --> 01:38:00.265 going on now, AI and 01:38:00.265 --> 01:38:01.275 the Iran war they're 01:38:01.275 --> 01:38:02.345 costing Main Street. 01:38:02.346 --> 01:38:03.115 Look at this story. 01:38:03.885 --> 01:38:04.776 "Memory prices 01:38:04.776 --> 01:38:06.345 climb 500% in 12 01:38:06.345 --> 01:38:08.195 months, up 10 times 01:38:08.205 --> 01:38:09.006 from their lowest 01:38:09.006 --> 01:38:09.775 recorded prices." 01:38:09.775 --> 01:38:10.325 They're talking about 01:38:10.325 --> 01:38:11.505 RAM in computers. 01:38:12.065 --> 01:38:12.715 "We're officially 01:38:12.715 --> 01:38:13.475 in dire straits. 01:38:13.475 --> 01:38:14.145 Memory prices 01:38:14.155 --> 01:38:14.496 have become 01:38:14.496 --> 01:38:15.375 entirely divorced 01:38:15.376 --> 01:38:16.135 from reality. 01:38:16.535 --> 01:38:17.375 Some are calling it 01:38:17.376 --> 01:38:18.675 RAMpop- apocalypse. 01:38:18.685 --> 01:38:19.925 I prefer RAMageddon." 01:38:21.036 --> 01:38:22.055 the writer gives 01:38:22.055 --> 01:38:24.125 an example of 32 01:38:24.155 --> 01:38:25.195 gigabytes of RAM 01:38:26.295 --> 01:38:26.785 a year ago was 01:38:26.795 --> 01:38:28.615 300 was $72, now 01:38:28.615 --> 01:38:30.426 it's $392 for that 01:38:30.426 --> 01:38:31.165 same amount of RAM. 01:38:31.165 --> 01:38:31.876 You have to have RAM 01:38:31.876 --> 01:38:32.516 in your computer. 01:38:33.085 --> 01:38:33.485 You're still 01:38:33.486 --> 01:38:35.205 looking at $392 for 01:38:35.206 --> 01:38:36.006 a memory kit that 01:38:36.006 --> 01:38:37.916 was $72 last year. 01:38:38.555 --> 01:38:39.075 Then he has a 01:38:39.075 --> 01:38:39.805 whole list of, 01:38:42.081 --> 01:38:42.702 DDR4 memory kit 01:38:42.702 --> 01:38:43.452 pricing changes, 01:38:43.452 --> 01:38:43.922 things again, 01:38:43.942 --> 01:38:44.442 things you need 01:38:44.442 --> 01:38:45.102 in your computer. 01:38:45.592 --> 01:38:46.072 Look at these 01:38:46.072 --> 01:38:46.602 year-over-year 01:38:46.602 --> 01:38:47.092 changes. 01:38:47.122 --> 01:38:49.812 They're 100% to 400%. 01:38:51.562 --> 01:38:52.272 This phenomenon 01:38:52.312 --> 01:38:53.622 is not just 01:38:53.632 --> 01:38:54.672 limited to the US. 01:38:54.672 --> 01:38:55.862 German tech site Cop- 01:38:55.872 --> 01:38:57.612 computerbase has also 01:38:57.612 --> 01:38:58.392 been tracking it, 01:38:58.411 --> 01:38:59.562 and it says prices 01:38:59.562 --> 01:39:01.851 are up 345% compared 01:39:01.852 --> 01:39:02.541 to a year ago. 01:39:02.541 --> 01:39:04.021 In fact, the 01:39:04.022 --> 01:39:05.201 situation is so 01:39:05.202 --> 01:39:06.251 severe, get this, 01:39:07.041 --> 01:39:08.401 hyperscale buyers 01:39:08.411 --> 01:39:09.531 have reportedly 01:39:10.051 --> 01:39:10.842 already locked 01:39:10.842 --> 01:39:12.062 in almost all 01:39:12.062 --> 01:39:12.541 of the global 01:39:12.541 --> 01:39:13.522 DRAM production 01:39:13.522 --> 01:39:16.172 capacity for 2027. 01:39:16.712 --> 01:39:17.931 So again Darth 01:39:17.931 --> 01:39:18.371 Vader, the 01:39:18.372 --> 01:39:19.551 hyperscaler, figures 01:39:19.552 --> 01:39:20.091 into the story. 01:39:20.091 --> 01:39:20.521 They're locking 01:39:20.532 --> 01:39:21.331 up all the memory. 01:39:21.651 --> 01:39:22.121 What does this 01:39:22.142 --> 01:39:22.781 mean for you? 01:39:22.811 --> 01:39:23.551 It means the era 01:39:23.552 --> 01:39:24.891 of cheap, plentiful 01:39:24.892 --> 01:39:25.731 memory is over, 01:39:25.731 --> 01:39:26.371 at least for now. 01:39:26.372 --> 01:39:27.272 If you need RAM 01:39:27.272 --> 01:39:28.601 today, you're either 01:39:28.602 --> 01:39:29.322 gonna have to bite 01:39:29.322 --> 01:39:30.092 the bullet and pay 01:39:30.092 --> 01:39:31.481 the premium or learn 01:39:31.771 --> 01:39:33.531 to get by with less. 01:39:34.262 --> 01:39:34.651 Better write 01:39:34.651 --> 01:39:35.271 that one down. 01:39:35.381 --> 01:39:36.341 Get by with less, 01:39:36.352 --> 01:39:37.001 that's what's on 01:39:37.001 --> 01:39:38.131 the horizon for us. 01:39:39.331 --> 01:39:39.941 Control Grid 01:39:39.942 --> 01:39:40.892 is expensive. 01:39:41.311 --> 01:39:41.701 Yeah. 01:39:42.181 --> 01:39:42.481 Yeah. 01:39:43.131 --> 01:39:43.511 Yeah. 01:39:43.791 --> 01:39:44.262 Yeah, it's like 01:39:44.262 --> 01:39:45.141 a black hole. 01:39:45.602 --> 01:39:46.601 They need everything. 01:39:47.572 --> 01:39:47.792 Yeah. 01:39:48.301 --> 01:39:49.201 It has a material 01:39:49.201 --> 01:39:50.491 impact on… I 01:39:50.511 --> 01:39:51.002 know this. 01:39:51.651 --> 01:39:52.521 Not even RAM. 01:39:52.691 --> 01:39:53.361 I'm just looking at 01:39:53.362 --> 01:39:54.501 external hard drives. 01:39:55.282 --> 01:39:55.942 It's coming to that 01:39:55.942 --> 01:39:56.991 time every few years 01:39:56.991 --> 01:39:57.721 I gotta buy a big 01:39:57.731 --> 01:39:58.591 external hard drive, 01:39:59.441 --> 01:40:00.711 so I started sniff, 01:40:00.752 --> 01:40:01.612 sniffing around 01:40:02.471 --> 01:40:03.202 and was stunned 01:40:03.712 --> 01:40:04.361 by how much more 01:40:04.361 --> 01:40:05.141 expensive they are. 01:40:05.172 --> 01:40:06.021 12 terabyte hard 01:40:06.032 --> 01:40:06.611 drive used to 01:40:06.621 --> 01:40:08.661 be 250 bucks. 01:40:09.212 --> 01:40:10.521 Now, the opening bid 01:40:10.521 --> 01:40:12.881 is about 440, 450- 01:40:13.731 --> 01:40:14.461 For the equivalent 01:40:14.471 --> 01:40:15.241 of what I have now. 01:40:16.451 --> 01:40:17.462 So I think this 01:40:17.462 --> 01:40:17.971 is gonna get 01:40:17.971 --> 01:40:19.052 worse, not better. 01:40:19.252 --> 01:40:19.871 No, I agree. 01:40:21.041 --> 01:40:21.361 Yeah. 01:40:22.111 --> 01:40:23.051 And it's all part, 01:40:23.051 --> 01:40:24.601 again, of COVID 2.0. 01:40:25.121 --> 01:40:25.841 Yes. 01:40:26.741 --> 01:40:27.291 Yes. 01:40:29.241 --> 01:40:30.102 And on that note, 01:40:30.131 --> 01:40:30.651 let's turn to 01:40:30.651 --> 01:40:30.931 Pharmageddon. 01:40:31.341 --> 01:40:32.791 This story is about 01:40:32.801 --> 01:40:33.532 a Pennsylvania 01:40:33.532 --> 01:40:35.572 politician named Josh 01:40:35.581 --> 01:40:36.851 Shapiro who eye, is 01:40:36.871 --> 01:40:37.921 eyeing new powers 01:40:37.931 --> 01:40:38.822 that make COVID 01:40:38.822 --> 01:40:40.112 restrictions look 01:40:40.112 --> 01:40:41.161 like a warning shot. 01:40:41.201 --> 01:40:42.092 There he is. 01:40:43.201 --> 01:40:43.932 That's Pennsylvania 01:40:43.951 --> 01:40:44.571 Governor Josh 01:40:44.581 --> 01:40:45.681 Shapiro, and he is 01:40:45.681 --> 01:40:47.151 pushing to radically 01:40:47.621 --> 01:40:48.601 rewrite his state's 01:40:48.602 --> 01:40:49.392 health code to give 01:40:49.392 --> 01:40:50.221 his administration 01:40:50.241 --> 01:40:51.071 authoritarian 01:40:51.072 --> 01:40:52.591 police powers as he 01:40:52.591 --> 01:40:53.491 seeks re-election. 01:40:54.081 --> 01:40:54.531 Would give 01:40:54.602 --> 01:40:55.152 Pennsylvania 01:40:55.152 --> 01:40:55.912 Department's Health 01:40:55.912 --> 01:40:56.831 centralized police 01:40:56.831 --> 01:40:57.451 powers under the 01:40:57.451 --> 01:40:58.391 guise of disease 01:40:58.391 --> 01:40:59.281 control measures, 01:40:59.971 --> 01:41:01.061 including the ability 01:41:01.061 --> 01:41:02.151 to enter homes and 01:41:02.152 --> 01:41:02.802 schools without 01:41:02.802 --> 01:41:04.271 a warrant, access 01:41:04.301 --> 01:41:05.281 confidential medical 01:41:05.281 --> 01:41:06.071 records, and impose 01:41:06.081 --> 01:41:06.921 statewide school 01:41:06.921 --> 01:41:07.911 mask mandates for 01:41:07.911 --> 01:41:08.831 disease prevention. 01:41:09.581 --> 01:41:10.271 This is coming 01:41:10.281 --> 01:41:11.101 against a very 01:41:11.102 --> 01:41:12.172 interesting backdrop 01:41:12.551 --> 01:41:13.472 in that Pennsylvania 01:41:13.472 --> 01:41:14.112 has voted to 01:41:14.112 --> 01:41:16.011 limit unilateral 01:41:16.021 --> 01:41:17.061 emergency powers 01:41:17.072 --> 01:41:17.651 of the governor's 01:41:17.652 --> 01:41:18.871 office through 01:41:18.871 --> 01:41:19.661 a constitutional 01:41:19.661 --> 01:41:20.652 amendment in May 01:41:20.671 --> 01:41:23.898 of 2021 Shapiro 01:41:24.238 --> 01:41:24.858 doesn't have any 01:41:24.858 --> 01:41:25.588 time for that. 01:41:25.598 --> 01:41:26.578 He touts himself 01:41:26.578 --> 01:41:27.608 as a moderate and 01:41:27.608 --> 01:41:28.338 as a centrist. 01:41:29.548 --> 01:41:30.618 And by the way, this 01:41:30.618 --> 01:41:31.628 guy's on a shortlist 01:41:31.638 --> 01:41:33.228 of possible 2028 des- 01:41:33.587 --> 01:41:34.778 20- presidential 01:41:34.778 --> 01:41:35.388 nominees. 01:41:36.417 --> 01:41:37.608 He has recently 01:41:37.638 --> 01:41:38.928 come out with a, 01:41:39.907 --> 01:41:40.417 what he's, what, 01:41:40.427 --> 01:41:41.248 these proposals 01:41:41.248 --> 01:41:41.728 he's come out with. 01:41:41.768 --> 01:41:42.657 It are part of a 01:41:42.667 --> 01:41:45.848 massive 502-page 01:41:46.288 --> 01:41:47.637 regulation unveiled 01:41:47.637 --> 01:41:48.587 on August 8th that 01:41:48.598 --> 01:41:49.768 totally undoes 01:41:50.198 --> 01:41:50.917 the constitutional 01:41:50.917 --> 01:41:51.478 amendment from 01:41:51.478 --> 01:41:54.227 May of 2021 It's 01:41:54.227 --> 01:41:54.777 not just the… 01:41:55.418 --> 01:41:56.388 So under current 01:41:56.388 --> 01:41:57.067 proposal, you can 01:41:57.067 --> 01:41:58.458 allow surveillance, 01:41:58.647 --> 01:41:59.147 but he's talking 01:41:59.147 --> 01:41:59.708 about not just 01:41:59.708 --> 01:42:00.437 surveillance, but 01:42:00.437 --> 01:42:01.718 also for prevention, 01:42:02.097 --> 01:42:02.857 containment, and 01:42:02.857 --> 01:42:03.607 mitigation of 01:42:03.607 --> 01:42:04.657 disease, infection, 01:42:04.657 --> 01:42:05.297 or condition. 01:42:05.708 --> 01:42:06.607 Disease prevention 01:42:06.607 --> 01:42:07.127 could include 01:42:07.128 --> 01:42:07.827 measures such as 01:42:07.827 --> 01:42:09.008 coerced vaccination 01:42:09.297 --> 01:42:10.247 and mask mandates 01:42:10.248 --> 01:42:11.447 without active spread 01:42:11.758 --> 01:42:12.588 of infectious… 01:42:12.617 --> 01:42:13.038 You don't even 01:42:13.038 --> 01:42:13.918 need an infectious 01:42:13.918 --> 01:42:15.387 disease, and this 01:42:15.387 --> 01:42:16.487 guy can talk about 01:42:16.957 --> 01:42:17.697 mas- vaccination 01:42:17.697 --> 01:42:18.637 and mask mandates. 01:42:18.927 --> 01:42:20.257 That 500-page 01:42:20.267 --> 01:42:21.477 regulation that's 01:42:21.477 --> 01:42:22.297 an eye-opener. 01:42:22.887 --> 01:42:23.418 Because that means 01:42:23.418 --> 01:42:24.888 he had a big legal 01:42:24.888 --> 01:42:26.277 team helping putting 01:42:26.457 --> 01:42:27.017 that together. 01:42:27.448 --> 01:42:28.187 Oh, it wasn't 01:42:28.187 --> 01:42:28.987 just his team. 01:42:28.998 --> 01:42:30.107 It was… This is 01:42:30.128 --> 01:42:31.627 beyond his office. 01:42:31.768 --> 01:42:32.048 Sure. 01:42:32.057 --> 01:42:32.788 So I used to be 01:42:32.797 --> 01:42:33.647 f- I used to be 01:42:33.647 --> 01:42:34.437 financial advisor 01:42:34.437 --> 01:42:35.027 to the Commonwealth 01:42:35.057 --> 01:42:35.797 of Pennsylvania. 01:42:35.897 --> 01:42:36.227 Yeah. 01:42:36.268 --> 01:42:36.807 So I know a little 01:42:36.807 --> 01:42:37.358 bit about their 01:42:37.358 --> 01:42:39.067 operation, and this 01:42:39.067 --> 01:42:40.537 is far beyond Shapiro 01:42:40.537 --> 01:42:41.427 and his operation. 01:42:41.437 --> 01:42:42.567 He's being- Yeah 01:42:42.597 --> 01:42:44.818 … gifted, he's being 01:42:44.827 --> 01:42:46.347 gifted and this, 01:42:46.707 --> 01:42:47.567 the package that 01:42:47.567 --> 01:42:48.347 he's being gifted 01:42:48.347 --> 01:42:49.047 is similar to what 01:42:49.047 --> 01:42:49.647 they tried to do 01:42:49.647 --> 01:42:50.817 in New York, that 01:42:50.817 --> 01:42:52.197 Bobby Ann Cox fought. 01:42:52.827 --> 01:42:53.707 And one of the 01:42:53.707 --> 01:42:54.378 reasons, and you 01:42:54.378 --> 01:42:55.147 see some of this 01:42:55.147 --> 01:42:56.037 in New York, one 01:42:56.037 --> 01:42:56.628 of the things they 01:42:56.628 --> 01:42:57.377 wanna do is go 01:42:57.377 --> 01:42:58.287 after the Amish. 01:42:58.557 --> 01:42:58.807 Yeah. 01:42:59.087 --> 01:43:00.087 Because the Amish 01:43:00.097 --> 01:43:01.807 have essentially 01:43:01.807 --> 01:43:02.637 no autism. 01:43:03.867 --> 01:43:04.217 They don't 01:43:04.218 --> 01:43:05.477 vaccinate, and they 01:43:05.477 --> 01:43:06.408 have no autism. 01:43:07.108 --> 01:43:08.527 And it's the control 01:43:08.527 --> 01:43:09.207 group that makes 01:43:09.207 --> 01:43:10.247 everybody look bad. 01:43:10.807 --> 01:43:11.308 'Cause right 01:43:11.358 --> 01:43:12.047 now- right 01:43:12.047 --> 01:43:13.617 according to the CDC 01:43:16.167 --> 01:43:17.487 one out of ev- every 01:43:17.487 --> 01:43:18.967 31 kids has autism. 01:43:19.017 --> 01:43:20.888 And the stati- the 01:43:20.888 --> 01:43:21.978 official statistic 01:43:23.267 --> 01:43:25.237 on the the Amish 01:43:25.248 --> 01:43:27.537 is I think one 01:43:27.547 --> 01:43:28.307 in 271, but it's 01:43:28.307 --> 01:43:29.827 really zero, right? 01:43:30.507 --> 01:43:30.837 So- 01:43:30.837 --> 01:43:31.217 Yeah, 01:43:32.248 --> 01:43:33.578 So part of this 01:43:33.617 --> 01:43:35.258 is they wanna 01:43:35.258 --> 01:43:36.197 make sure any of 01:43:36.197 --> 01:43:37.337 those populations 01:43:37.337 --> 01:43:38.348 can't get away 01:43:38.348 --> 01:43:40.358 with… They want 01:43:40.377 --> 01:43:41.667 everybody vaccinated. 01:43:42.288 --> 01:43:42.638 Yeah. 01:43:43.577 --> 01:43:44.417 That's where this, 01:43:44.468 --> 01:43:45.137 they're trying to go. 01:43:45.437 --> 01:43:46.968 And Shapiro, if 01:43:46.968 --> 01:43:47.407 you… I don't 01:43:47.407 --> 01:43:47.757 know if you've 01:43:47.757 --> 01:43:48.468 ever watched any 01:43:48.468 --> 01:43:49.337 of his videos. 01:43:49.498 --> 01:43:51.257 He is one slick liar. 01:43:51.267 --> 01:43:53.047 He is a really 01:43:53.167 --> 01:43:53.707 slick- Yeah 01:43:53.777 --> 01:43:54.718 … effective liar. 01:43:54.748 --> 01:43:54.777 And- 01:43:54.968 --> 01:43:55.177 I can 01:43:55.327 --> 01:43:55.397 see 01:43:55.397 --> 01:43:56.297 that from his face. 01:43:56.538 --> 01:43:57.097 Yeah … and one of 01:43:57.097 --> 01:43:58.107 the reasons he's so 01:43:58.137 --> 01:43:59.397 good is you can see 01:43:59.397 --> 01:44:01.687 he has no… This 01:44:01.687 --> 01:44:03.538 is a man who really 01:44:03.538 --> 01:44:04.237 believes in the 01:44:04.237 --> 01:44:05.617 depopulation agenda. 01:44:05.828 --> 01:44:06.878 He is all in. 01:44:07.727 --> 01:44:09.017 He, he believes. 01:44:09.027 --> 01:44:10.238 He's… And he's 01:44:10.238 --> 01:44:11.047 ready to lie 01:44:11.048 --> 01:44:11.737 to get it done. 01:44:12.087 --> 01:44:12.337 Do you know 01:44:12.347 --> 01:44:12.727 what I mean? 01:44:12.998 --> 01:44:13.288 Yeah. 01:44:14.127 --> 01:44:15.107 It's the fact that 01:44:15.117 --> 01:44:16.478 he's willing to 01:44:16.478 --> 01:44:17.217 go along with a 01:44:17.218 --> 01:44:18.957 500-page packet put 01:44:18.957 --> 01:44:19.837 together by criminal 01:44:19.837 --> 01:44:21.417 psychopaths that, 01:44:21.597 --> 01:44:22.507 that is putting him 01:44:22.667 --> 01:44:23.507 on the Democratic 01:44:23.507 --> 01:44:23.947 short list. 01:44:23.947 --> 01:44:24.787 Be clear about that. 01:44:24.798 --> 01:44:26.157 That's why he's on 01:44:26.158 --> 01:44:26.977 the short list, is 01:44:26.977 --> 01:44:28.477 he is a liar, and he 01:44:28.477 --> 01:44:29.208 is willing to push 01:44:29.208 --> 01:44:29.837 this stuff, and he 01:44:29.837 --> 01:44:31.428 is willing to adopt 01:44:31.428 --> 01:44:32.117 regulations like 01:44:32.117 --> 01:44:32.898 this willy-nilly, 01:44:32.898 --> 01:44:33.807 and he is willing 01:44:34.218 --> 01:44:35.437 to urinate all over 01:44:35.438 --> 01:44:36.027 a constitutional 01:44:36.027 --> 01:44:36.587 amendment for 01:44:36.587 --> 01:44:36.927 his state. 01:44:36.977 --> 01:44:37.547 That's what 01:44:37.737 --> 01:44:39.018 qualifies him for 01:44:39.018 --> 01:44:39.828 national office. 01:44:39.887 --> 01:44:40.848 But let me explain 01:44:40.848 --> 01:44:41.557 what this plan 01:44:41.557 --> 01:44:42.348 is, because we 01:44:42.348 --> 01:44:43.198 saw the same plan 01:44:43.198 --> 01:44:44.198 in New York, and 01:44:44.198 --> 01:44:44.918 we saw the same 01:44:44.918 --> 01:44:45.957 plan from the WHO. 01:44:46.950 --> 01:44:48.150 And the plan is this. 01:44:48.180 --> 01:44:49.280 It's a bridge for 01:44:49.280 --> 01:44:50.130 the control grid. 01:44:50.480 --> 01:44:51.240 You can get the 01:44:51.240 --> 01:44:52.220 control grid put 01:44:52.220 --> 01:44:53.650 in place so you 01:44:53.650 --> 01:44:54.400 can get the digital 01:44:54.400 --> 01:44:55.350 IDs, you can get 01:44:55.350 --> 01:44:56.240 the infrastructure, 01:44:56.540 --> 01:44:57.219 you can get the 01:44:57.220 --> 01:44:58.040 automatic third 01:44:58.040 --> 01:44:59.439 lock, but you still 01:44:59.439 --> 01:45:00.679 gotta force people 01:45:00.680 --> 01:45:03.440 who own guns to do 01:45:03.440 --> 01:45:04.339 what you want, and 01:45:04.340 --> 01:45:05.140 you don't have the 01:45:05.140 --> 01:45:06.649 robots and drones yet 01:45:07.030 --> 01:45:08.179 to force them all in 01:45:08.199 --> 01:45:09.639 and enforce, right? 01:45:09.889 --> 01:45:10.750 So you got a tiny 01:45:10.750 --> 01:45:11.379 group of people 01:45:11.379 --> 01:45:12.219 who gotta enforce 01:45:12.219 --> 01:45:13.559 against the many and 01:45:13.559 --> 01:45:14.750 get them to go along 01:45:14.760 --> 01:45:15.639 with the system, so 01:45:15.639 --> 01:45:16.589 there's this bridge 01:45:16.600 --> 01:45:18.919 period where you've 01:45:18.920 --> 01:45:19.830 gotta be able to 01:45:19.839 --> 01:45:21.039 control the difficult 01:45:21.050 --> 01:45:22.059 people and the people 01:45:22.059 --> 01:45:23.200 pushing back, right? 01:45:23.399 --> 01:45:23.689 Yeah. 01:45:24.280 --> 01:45:24.929 These kind 01:45:24.929 --> 01:45:25.479 of healthcare 01:45:25.479 --> 01:45:26.509 regulations give you 01:45:26.519 --> 01:45:27.499 the power to do that. 01:45:29.879 --> 01:45:30.069 Yeah. 01:45:30.300 --> 01:45:32.150 So it's the messy 01:45:32.150 --> 01:45:33.589 human part of 01:45:33.589 --> 01:45:34.580 forcing everybody 01:45:34.580 --> 01:45:35.359 into the corral. 01:45:35.370 --> 01:45:35.390 Yeah. 01:45:35.620 --> 01:45:36.039 That's why 01:45:36.049 --> 01:45:36.779 they want this. 01:45:36.949 --> 01:45:37.119 Yeah. 01:45:37.149 --> 01:45:38.169 I call it, in New 01:45:38.170 --> 01:45:39.049 York I called it the 01:45:39.049 --> 01:45:40.060 New York Fed plan. 01:45:40.510 --> 01:45:41.320 They wanted to be 01:45:41.339 --> 01:45:43.130 able to target any 01:45:43.130 --> 01:45:45.310 person and go into 01:45:45.310 --> 01:45:46.179 their house, take 01:45:46.179 --> 01:45:47.219 them out, put them 01:45:47.219 --> 01:45:48.269 under lock and key, 01:45:48.289 --> 01:45:49.310 steal their stuff 01:45:49.319 --> 01:45:49.839 if they didn't 01:45:49.839 --> 01:45:50.309 do what the New 01:45:50.309 --> 01:45:51.099 York Fed wanted. 01:45:51.340 --> 01:45:51.650 Yeah. 01:45:53.309 --> 01:45:54.569 And Josh Shapiro's 01:45:54.579 --> 01:45:55.409 on… Remember that 01:45:55.410 --> 01:45:55.900 name, 'cause you're 01:45:55.900 --> 01:45:56.669 gonna see it again, 01:45:56.699 --> 01:45:57.249 I guarantee it. 01:45:57.309 --> 01:46:01.480 He- Josh Shapiro is 01:46:01.529 --> 01:46:03.999 your man helping to 01:46:03.999 --> 01:46:05.109 build the enforcement 01:46:05.139 --> 01:46:06.579 infrastructure to 01:46:06.580 --> 01:46:08.320 implement the Elon 01:46:08.320 --> 01:46:09.819 Musk operation. 01:46:12.410 --> 01:46:13.040 Yeah, okay. 01:46:13.870 --> 01:46:14.490 No, really. 01:46:14.719 --> 01:46:15.099 He's the- No, it's, 01:46:15.099 --> 01:46:15.779 it's whatever. 01:46:16.029 --> 01:46:17.069 So Musk is another 01:46:17.330 --> 01:46:18.059 empty face. 01:46:18.099 --> 01:46:18.969 Yeah but these 01:46:18.969 --> 01:46:19.909 guys are all front 01:46:19.910 --> 01:46:20.819 for a syndicate. 01:46:21.069 --> 01:46:21.299 Yeah. 01:46:21.380 --> 01:46:21.970 They're all playing 01:46:21.970 --> 01:46:22.759 for the syndicate. 01:46:22.759 --> 01:46:23.029 Exactly. 01:46:23.029 --> 01:46:23.449 They're all 01:46:23.459 --> 01:46:23.999 playing for the 01:46:23.999 --> 01:46:24.809 same syndicate. 01:46:24.859 --> 01:46:25.550 He's playing for 01:46:25.550 --> 01:46:26.870 the syndicate, and 01:46:26.879 --> 01:46:28.569 they love playing 01:46:28.569 --> 01:46:29.239 for the syndicate. 01:46:29.269 --> 01:46:30.079 It's just like that 01:46:30.080 --> 01:46:30.769 guy I met at the 01:46:30.769 --> 01:46:31.749 Aspen Institute. 01:46:32.568 --> 01:46:33.208 Remember I told 01:46:33.208 --> 01:46:34.178 you there's some 01:46:34.188 --> 01:46:34.928 billionaire that 01:46:34.928 --> 01:46:36.198 they sicked on me, 01:46:36.258 --> 01:46:37.448 and so I ended up 01:46:37.448 --> 01:46:38.068 with this, having 01:46:38.068 --> 01:46:38.958 a squabble with him 01:46:38.958 --> 01:46:41.628 about crypto issues. 01:46:42.108 --> 01:46:42.458 It's all 01:46:42.458 --> 01:46:43.118 about crypto. 01:46:43.128 --> 01:46:44.927 Anyway everybody 01:46:44.928 --> 01:46:45.737 leaves and he 01:46:45.737 --> 01:46:46.778 continues to talk. 01:46:46.778 --> 01:46:47.298 We just had a 01:46:47.298 --> 01:46:48.128 one-on-one, and he 01:46:48.128 --> 01:46:48.787 just looked at me 01:46:48.788 --> 01:46:49.658 with these dead eyes 01:46:49.658 --> 01:46:51.067 and he said, "Let's 01:46:51.068 --> 01:46:52.027 face it, sweetie." 01:46:52.078 --> 01:46:53.467 He said, "I can buy 01:46:53.468 --> 01:46:54.608 every company, and 01:46:54.608 --> 01:46:55.318 with software and 01:46:55.327 --> 01:46:57.098 AI, I can get rid 01:46:57.098 --> 01:46:57.917 of all the employees 01:46:57.917 --> 01:46:58.728 and run it without 01:46:58.728 --> 01:46:59.968 people, and that's 01:46:59.968 --> 01:47:00.698 how it's gonna be. 01:47:00.698 --> 01:47:01.128 That's how it's 01:47:01.128 --> 01:47:02.397 gonna work." And 01:47:02.397 --> 01:47:03.347 he, his, the look on 01:47:03.347 --> 01:47:04.157 his face was like, 01:47:04.157 --> 01:47:04.698 "I've been into 01:47:04.698 --> 01:47:05.907 this I've been up in 01:47:05.907 --> 01:47:06.738 the spaceship, I've 01:47:06.738 --> 01:47:07.737 gotten the lecture- 01:47:07.837 --> 01:47:08.087 Yeah 01:47:08.137 --> 01:47:08.777 … and this is what 01:47:08.777 --> 01:47:09.377 we're gonna do, and 01:47:09.378 --> 01:47:10.007 there's nothing you 01:47:10.017 --> 01:47:10.818 can do." That's what- 01:47:10.857 --> 01:47:11.548 they always say. 01:47:11.777 --> 01:47:12.428 There's nothing 01:47:12.428 --> 01:47:13.057 you can do. 01:47:13.427 --> 01:47:13.777 Yeah. 01:47:13.777 --> 01:47:14.148 Yeah. 01:47:14.357 --> 01:47:15.247 I'm very familiar 01:47:15.247 --> 01:47:15.877 with that, that 01:47:15.878 --> 01:47:16.918 attitude from people. 01:47:16.918 --> 01:47:18.527 What uniformly it 01:47:18.527 --> 01:47:19.568 i- it typically is 01:47:19.568 --> 01:47:20.627 coming from people 01:47:20.628 --> 01:47:22.087 with average to 01:47:22.087 --> 01:47:23.027 above average talent. 01:47:24.028 --> 01:47:25.788 But they 01:47:25.857 --> 01:47:27.767 have run into a 01:47:27.767 --> 01:47:28.727 conflict between 01:47:28.727 --> 01:47:29.437 their ambition 01:47:29.437 --> 01:47:30.547 to be wealthy or 01:47:30.547 --> 01:47:32.137 prestigious or rise 01:47:32.137 --> 01:47:34.137 in whatever way, and 01:47:34.137 --> 01:47:35.477 the fact that the 01:47:35.488 --> 01:47:36.567 guys at the top want 01:47:36.568 --> 01:47:37.327 control, and they've 01:47:37.337 --> 01:47:37.997 bought in and said, 01:47:37.997 --> 01:47:38.687 "Okay, we'll help 01:47:38.687 --> 01:47:39.637 you get control if we 01:47:39.638 --> 01:47:41.047 get the money or the 01:47:41.047 --> 01:47:42.077 prestige" or whatever 01:47:42.077 --> 01:47:42.707 it is they want. 01:47:43.327 --> 01:47:43.927 And then they 01:47:44.047 --> 01:47:44.847 kinda turn into 01:47:44.848 --> 01:47:45.647 dead people. 01:47:45.897 --> 01:47:46.308 They're still 01:47:46.308 --> 01:47:47.037 talented, they're 01:47:47.037 --> 01:47:47.738 still smart, 01:47:47.747 --> 01:47:49.317 they're still rich 01:47:49.317 --> 01:47:50.187 or successful, 01:47:50.197 --> 01:47:51.147 so to speak, but 01:47:51.647 --> 01:47:52.507 they're kinda dead. 01:47:52.747 --> 01:47:54.168 Yeah or soulless. 01:47:54.267 --> 01:47:54.808 That's true. 01:47:56.937 --> 01:47:57.718 Anyway, let's 01:47:57.718 --> 01:47:58.507 go to pushback 01:47:58.697 --> 01:47:59.457 because we need 01:47:59.488 --> 01:48:00.477 pushback like this. 01:48:01.128 --> 01:48:01.597 This is your 01:48:01.598 --> 01:48:02.347 favorite story. 01:48:02.348 --> 01:48:02.737 The real 01:48:02.738 --> 01:48:03.587 reason Iceland 01:48:03.598 --> 01:48:04.787 rejected the EU. 01:48:04.827 --> 01:48:05.747 It's the fish, 01:48:05.747 --> 01:48:07.780 stupid Yeah, it's 01:48:07.970 --> 01:48:08.300 a little bit more 01:48:08.300 --> 01:48:08.990 than the fish, but 01:48:08.990 --> 01:48:09.710 we'll get to that. 01:48:09.750 --> 01:48:10.870 By a narrow margin 01:48:10.870 --> 01:48:15.620 of 52.8 to 47.2%, 01:48:15.659 --> 01:48:16.520 Icelanders rejected 01:48:16.820 --> 01:48:17.700 new talks with the 01:48:17.710 --> 01:48:19.080 EU, a defeat not only 01:48:19.080 --> 01:48:19.800 for the Icelandic 01:48:19.810 --> 01:48:21.180 government, which had 01:48:21.180 --> 01:48:21.970 made the referendum 01:48:21.970 --> 01:48:22.600 a centerpiece 01:48:22.690 --> 01:48:23.349 of its term in 01:48:23.349 --> 01:48:24.659 office, but for 01:48:24.660 --> 01:48:25.869 the EU as a whole. 01:48:26.419 --> 01:48:27.089 In the end, 01:48:27.099 --> 01:48:27.109 Icelanders' 01:48:27.599 --> 01:48:28.599 skepticism about 01:48:28.599 --> 01:48:29.519 taking even this 01:48:29.540 --> 01:48:30.799 small step toward the 01:48:30.800 --> 01:48:32.429 EU proved too strong. 01:48:33.060 --> 01:48:33.649 "There are simply 01:48:33.650 --> 01:48:34.350 too many question 01:48:34.350 --> 01:48:35.699 marks," said a no 01:48:35.710 --> 01:48:36.679 voter at a gathering. 01:48:36.679 --> 01:48:37.310 "I don't have the 01:48:37.320 --> 01:48:39.040 trust." The no camp 01:48:39.050 --> 01:48:39.850 knew how to speak 01:48:39.850 --> 01:48:40.479 directly to the 01:48:40.479 --> 01:48:41.659 long s- longstanding 01:48:41.659 --> 01:48:42.509 wariness many 01:48:42.519 --> 01:48:43.869 Icelanders feel 01:48:43.869 --> 01:48:44.750 toward the EU. 01:48:45.409 --> 01:48:46.400 The campaign leaned 01:48:46.400 --> 01:48:47.630 above all on themes 01:48:47.630 --> 01:48:48.440 at the core of the 01:48:48.440 --> 01:48:49.429 country's national 01:48:49.429 --> 01:48:51.089 identity: sovereignty 01:48:51.089 --> 01:48:52.760 for one, hard won 01:48:52.760 --> 01:48:53.629 over generations 01:48:53.630 --> 01:48:54.170 and not to be 01:48:54.170 --> 01:48:55.039 surrendered in any 01:48:55.040 --> 01:48:56.169 measure to Brussels, 01:48:56.630 --> 01:48:58.419 and fisheries, still 01:48:58.420 --> 01:48:59.419 a mainstay of the 01:48:59.429 --> 01:49:01.329 Icelandic community. 01:49:02.139 --> 01:49:02.759 The warning that 01:49:02.759 --> 01:49:03.450 membership would 01:49:03.450 --> 01:49:04.379 mean losing control 01:49:04.380 --> 01:49:05.419 over fishing quotas 01:49:05.419 --> 01:49:06.750 and having to open 01:49:06.750 --> 01:49:07.759 Icelandic waters to 01:49:07.759 --> 01:49:08.619 foreign companies 01:49:09.019 --> 01:49:10.069 was a cornerstone 01:49:10.089 --> 01:49:11.270 of the no campaign, 01:49:11.600 --> 01:49:12.670 and one that many 01:49:12.679 --> 01:49:14.459 voters cited as 01:49:14.460 --> 01:49:15.260 their reason for 01:49:15.260 --> 01:49:16.039 rejecting it. 01:49:16.460 --> 01:49:17.139 So it was really 01:49:17.140 --> 01:49:17.869 the, it was the 01:49:17.869 --> 01:49:18.350 fish in the end. 01:49:18.350 --> 01:49:19.049 It was national 01:49:19.049 --> 01:49:19.729 sovereignty. 01:49:20.560 --> 01:49:20.760 But it was 01:49:20.760 --> 01:49:21.349 interesting that 01:49:21.359 --> 01:49:22.310 they found something 01:49:22.339 --> 01:49:23.119 that, it's like 01:49:23.399 --> 01:49:24.139 the fish, that's 01:49:24.140 --> 01:49:25.939 unique to Iceland. 01:49:26.519 --> 01:49:27.240 To have a fishing 01:49:27.240 --> 01:49:27.729 industry that 01:49:27.729 --> 01:49:28.179 dominant in 01:49:28.189 --> 01:49:29.190 their own fish. 01:49:29.429 --> 01:49:30.730 So one of the spins 01:49:30.730 --> 01:49:31.560 was you wanna go 01:49:31.560 --> 01:49:32.790 into the EU because 01:49:33.539 --> 01:49:34.249 I- ice- the people 01:49:34.249 --> 01:49:34.769 in Iceland are 01:49:34.769 --> 01:49:35.509 really upset about 01:49:35.509 --> 01:49:36.869 inflation, as is 01:49:36.899 --> 01:49:37.899 everybody everywhere 01:49:38.780 --> 01:49:39.639 but the spin was 01:49:39.639 --> 01:49:40.329 if you come into 01:49:40.329 --> 01:49:41.439 the EU, the economy 01:49:41.439 --> 01:49:42.800 will be better and 01:49:42.800 --> 01:49:44.030 inflation will ease, 01:49:44.409 --> 01:49:45.220 which is really 01:49:45.220 --> 01:49:46.139 funny that the people 01:49:46.139 --> 01:49:47.169 creating inflation 01:49:47.170 --> 01:49:48.789 would say that they 01:49:48.789 --> 01:49:49.620 were the solution 01:49:49.630 --> 01:49:50.699 to easier inflation. 01:49:50.699 --> 01:49:50.719 Y- 01:49:51.649 --> 01:49:52.059 yeah. 01:49:54.409 --> 01:49:55.110 I like that st- 01:49:55.110 --> 01:49:55.770 because it offers 01:49:55.770 --> 01:49:57.869 a clue on how to 01:49:57.869 --> 01:49:58.769 push back, which 01:49:58.780 --> 01:50:01.299 is the people and 01:50:01.299 --> 01:50:02.200 the psychopaths, the 01:50:02.200 --> 01:50:03.180 global psychopaths in 01:50:03.180 --> 01:50:05.579 charge are all about 01:50:06.600 --> 01:50:07.689 you, robbing your 01:50:07.689 --> 01:50:09.289 identity, stealing 01:50:09.289 --> 01:50:09.729 your identity, 01:50:09.729 --> 01:50:10.389 robbing you of 01:50:10.389 --> 01:50:11.350 your sovereignty. 01:50:11.789 --> 01:50:12.679 What's nice about 01:50:12.709 --> 01:50:13.419 Iceland, because 01:50:13.420 --> 01:50:14.659 it's a small country, 01:50:15.299 --> 01:50:16.180 they understand 01:50:16.180 --> 01:50:16.519 where their 01:50:16.519 --> 01:50:17.329 wealth comes from. 01:50:17.369 --> 01:50:18.489 It comes from fish. 01:50:18.830 --> 01:50:19.020 Yeah. 01:50:19.020 --> 01:50:19.369 It comes from 01:50:19.379 --> 01:50:20.800 geothermal resources. 01:50:21.000 --> 01:50:21.649 It comes from 01:50:21.649 --> 01:50:22.919 Icelandic horses. 01:50:23.189 --> 01:50:23.629 It comes 01:50:23.629 --> 01:50:24.390 from tourism. 01:50:24.649 --> 01:50:25.299 In other words, 01:50:25.659 --> 01:50:26.740 they understand 01:50:26.890 --> 01:50:27.740 the real world 01:50:27.759 --> 01:50:28.459 and the connection 01:50:28.459 --> 01:50:29.190 to it, whereas in 01:50:29.190 --> 01:50:31.189 America, people 01:50:31.189 --> 01:50:32.309 don't begin to have 01:50:32.339 --> 01:50:33.880 the same grounded 01:50:33.929 --> 01:50:34.609 understanding 01:50:34.610 --> 01:50:36.119 of the economy. 01:50:36.369 --> 01:50:37.009 And so when it's 01:50:37.009 --> 01:50:37.959 being destroyed, when 01:50:37.959 --> 01:50:38.879 you destroy a great 01:50:38.879 --> 01:50:40.090 company like Boeing 01:50:41.720 --> 01:50:42.640 they don't see it. 01:50:43.509 --> 01:50:43.789 Yeah. 01:50:45.890 --> 01:50:46.559 So you wonder 01:50:46.890 --> 01:50:47.959 what's… Is there a 01:50:47.959 --> 01:50:49.769 similar rallying cry 01:50:49.780 --> 01:50:52.630 in the US- akin to 01:50:52.630 --> 01:50:53.880 Fish here that would 01:50:53.880 --> 01:50:55.019 oppose data centers 01:50:55.460 --> 01:50:56.910 Yes, and I think 01:50:56.910 --> 01:50:58.080 the rallying cry 01:50:58.809 --> 01:51:00.429 when I said that 01:51:01.120 --> 01:51:03.389 Iceland says, "You're 01:51:03.389 --> 01:51:04.240 liars, we don't 01:51:04.240 --> 01:51:04.830 believe you." Yeah. 01:51:05.690 --> 01:51:06.420 We don't… You 01:51:06.420 --> 01:51:07.440 can't negotiate with 01:51:07.440 --> 01:51:08.119 somebody who's not 01:51:08.120 --> 01:51:09.139 agreement capable. 01:51:10.380 --> 01:51:11.630 And I didn't see 01:51:11.630 --> 01:51:12.320 any quote from 01:51:12.320 --> 01:51:13.119 Iceland that said 01:51:13.120 --> 01:51:13.869 that, but I did an 01:51:13.880 --> 01:51:14.549 interview with one 01:51:14.550 --> 01:51:15.529 of the politicians 01:51:15.559 --> 01:51:16.719 before the referendum 01:51:17.110 --> 01:51:17.929 talking about it. 01:51:17.929 --> 01:51:20.029 And I know they 01:51:20.030 --> 01:51:21.329 know you can't you 01:51:21.329 --> 01:51:22.229 can't… You can 01:51:22.229 --> 01:51:22.959 make a deal all 01:51:22.960 --> 01:51:23.769 day long with them, 01:51:23.769 --> 01:51:24.720 they won't keep it. 01:51:25.749 --> 01:51:27.170 And so I think what 01:51:27.170 --> 01:51:27.620 you're seeing in 01:51:27.620 --> 01:51:28.779 America as well is 01:51:28.779 --> 01:51:29.879 suddenly realizing, 01:51:29.880 --> 01:51:30.599 you know something? 01:51:32.514 --> 01:51:33.864 The elites are 01:51:34.134 --> 01:51:35.004 essentially a 01:51:35.004 --> 01:51:36.044 diseased animal, 01:51:36.784 --> 01:51:37.563 and we're moving 01:51:37.563 --> 01:51:38.233 away from them. 01:51:38.443 --> 01:51:38.884 They're not 01:51:38.884 --> 01:51:39.914 agreement capable. 01:51:40.144 --> 01:51:40.254 And 01:51:40.374 --> 01:51:40.504 so 01:51:40.504 --> 01:51:40.934 there's no 01:51:40.934 --> 01:51:42.034 point talking with 01:51:42.034 --> 01:51:42.162 them- let's talk 01:51:42.162 --> 01:51:42.454 about that for 01:51:42.454 --> 01:51:42.924 a minute because 01:51:42.924 --> 01:51:43.364 when you're not- 01:51:43.374 --> 01:51:44.304 agreement capable, 01:51:44.324 --> 01:51:45.254 what it means is 01:51:45.263 --> 01:51:46.384 the elite will, 01:51:46.763 --> 01:51:47.294 even though they 01:51:47.294 --> 01:51:48.553 won't abide by the 01:51:48.553 --> 01:51:50.154 agreement, for damn 01:51:50.154 --> 01:51:50.633 sure they're gonna 01:51:50.633 --> 01:51:51.553 make sure you abide 01:51:51.553 --> 01:51:52.223 by the agreement. 01:51:52.223 --> 01:51:52.893 So when you make 01:51:52.893 --> 01:51:53.574 an agreement with 01:51:53.574 --> 01:51:54.794 people like Brussels 01:51:55.123 --> 01:51:55.714 or Washington, 01:51:55.714 --> 01:51:56.364 D.C., what you're 01:51:56.364 --> 01:51:56.874 doing is you're 01:51:56.874 --> 01:51:57.933 handcuffing yourself. 01:51:58.873 --> 01:51:59.233 You're gonna have 01:51:59.244 --> 01:51:59.783 to live with that 01:51:59.783 --> 01:52:00.704 agreement forever. 01:52:01.654 --> 01:52:02.574 So I'm gonna… 01:52:03.433 --> 01:52:04.074 You have to live 01:52:04.084 --> 01:52:04.633 an agreement that 01:52:04.674 --> 01:52:05.353 you have to keep, 01:52:05.363 --> 01:52:05.733 but they don't 01:52:05.733 --> 01:52:06.413 have to keep it. 01:52:06.604 --> 01:52:07.253 That's what I mean. 01:52:07.264 --> 01:52:07.474 You've- handcuffed 01:52:07.474 --> 01:52:07.484 yourself. 01:52:07.504 --> 01:52:07.653 It's a… You just 01:52:07.654 --> 01:52:08.333 hand… It's le- 01:52:11.143 --> 01:52:12.023 it's money with a 01:52:12.023 --> 01:52:13.413 leash, that's what 01:52:13.413 --> 01:52:14.523 I discovered during 01:52:14.523 --> 01:52:15.484 my litigation. 01:52:15.904 --> 01:52:17.174 I was very wealthy, 01:52:17.334 --> 01:52:18.084 but I discovered 01:52:18.084 --> 01:52:18.813 my money had a 01:52:18.813 --> 01:52:20.313 leash on it, right? 01:52:20.323 --> 01:52:20.343 Yeah. 01:52:20.363 --> 01:52:21.263 And that's one of the 01:52:21.264 --> 01:52:22.783 reasons celebrities 01:52:22.784 --> 01:52:23.654 who are so scared 01:52:23.654 --> 01:52:24.433 or billionaires 01:52:24.433 --> 01:52:25.243 who are so scared 01:52:25.244 --> 01:52:26.253 'cause- Yeah 01:52:26.253 --> 01:52:27.313 their money is 01:52:27.323 --> 01:52:27.994 not their money. 01:52:27.994 --> 01:52:28.363 It's got a 01:52:28.363 --> 01:52:28.964 leash on it. 01:52:29.203 --> 01:52:29.553 Yeah. 01:52:30.233 --> 01:52:31.033 Okay, let's go to our 01:52:31.033 --> 01:52:32.203 last pushback story. 01:52:32.203 --> 01:52:33.483 This is a mayor of a 01:52:33.483 --> 01:52:35.173 town willing to tell 01:52:35.174 --> 01:52:36.023 his city the truth. 01:52:36.033 --> 01:52:36.753 This is Post 01:52:36.764 --> 01:52:37.973 Falls, Idaho. 01:52:38.753 --> 01:52:39.514 That's a city of 01:52:39.514 --> 01:52:40.694 nearly 50,000 people 01:52:40.703 --> 01:52:41.303 just across the 01:52:41.304 --> 01:52:42.124 state line from 01:52:42.124 --> 01:52:43.224 Spokane, Washington. 01:52:43.764 --> 01:52:44.574 It's been growing 01:52:44.574 --> 01:52:46.054 rapidly, ap- adding 01:52:46.054 --> 01:52:46.733 thousands of new 01:52:46.743 --> 01:52:47.413 residents over 01:52:47.414 --> 01:52:48.303 the past decade, 01:52:48.734 --> 01:52:49.663 along with homes, 01:52:49.694 --> 01:52:50.633 businesses, streets, 01:52:50.643 --> 01:52:51.943 parks, and public 01:52:51.944 --> 01:52:53.444 facilities needed 01:52:53.444 --> 01:52:54.093 to accommodate 01:52:54.093 --> 01:52:54.773 the new people. 01:52:55.063 --> 01:52:55.813 For most cities, 01:52:55.813 --> 01:52:56.443 that's considered 01:52:56.444 --> 01:52:57.103 a success. 01:52:57.613 --> 01:52:58.223 But the mayor of 01:52:58.223 --> 01:52:59.213 Post Falls, Randy 01:52:59.213 --> 01:53:00.153 Westlund, is looking 01:53:00.154 --> 01:53:00.903 at it differently. 01:53:00.904 --> 01:53:02.113 He released a memo 01:53:02.723 --> 01:53:03.733 to the city council 01:53:03.734 --> 01:53:04.813 laying out a 10-year 01:53:04.813 --> 01:53:06.003 financial forecast. 01:53:06.904 --> 01:53:07.543 And he says, 01:53:07.764 --> 01:53:08.633 " there's no immediate 01:53:08.633 --> 01:53:09.393 crisis here." The 01:53:09.393 --> 01:53:10.293 city has a balanced 01:53:10.293 --> 01:53:10.973 budget, healthy 01:53:10.973 --> 01:53:12.224 reserves, and the 01:53:12.224 --> 01:53:13.133 kind of ongoing 01:53:13.133 --> 01:53:13.733 growth that would 01:53:13.734 --> 01:53:14.733 normally give local 01:53:14.733 --> 01:53:15.813 officials confidence 01:53:15.813 --> 01:53:16.664 about the future. 01:53:17.413 --> 01:53:18.884 Yet Westlund extends 01:53:18.884 --> 01:53:19.673 the city's current 01:53:19.683 --> 01:53:20.563 trajectory out 01:53:20.563 --> 01:53:21.414 over the decade. 01:53:21.414 --> 01:53:21.863 When he does 01:53:21.863 --> 01:53:23.113 that, the numbers 01:53:23.113 --> 01:53:23.874 don't work. 01:53:24.613 --> 01:53:25.393 Why is that? 01:53:26.463 --> 01:53:27.134 Growth makes 01:53:27.134 --> 01:53:27.863 you poorer. 01:53:28.813 --> 01:53:30.103 And to prove that, 01:53:30.113 --> 01:53:31.783 he hired a company, 01:53:32.503 --> 01:53:34.373 Urban3, which looked 01:53:34.374 --> 01:53:35.003 at… It didn't 01:53:35.014 --> 01:53:36.353 look at, like most 01:53:36.363 --> 01:53:37.303 studies like this, 01:53:37.374 --> 01:53:37.963 it didn't look at 01:53:37.963 --> 01:53:39.173 total assessed value. 01:53:39.633 --> 01:53:40.133 He looked 01:53:40.133 --> 01:53:40.773 at financial 01:53:40.774 --> 01:53:41.464 productivity. 01:53:41.464 --> 01:53:42.524 So essentially, 01:53:42.903 --> 01:53:43.434 he's not looking 01:53:43.434 --> 01:53:44.573 at asset valuation. 01:53:44.573 --> 01:53:44.943 He's looking 01:53:44.953 --> 01:53:45.673 at cash flow. 01:53:47.263 --> 01:53:48.284 Westlund summarized 01:53:48.284 --> 01:53:48.763 it this way: 01:53:48.793 --> 01:53:49.643 "Typical suburban 01:53:49.643 --> 01:53:50.143 neighborhoods 01:53:50.143 --> 01:53:50.934 are net negative 01:53:50.944 --> 01:53:51.994 from a tac- tax 01:53:51.994 --> 01:53:53.593 perspective, meaning 01:53:53.593 --> 01:53:54.433 the infrastructure 01:53:54.433 --> 01:53:55.674 costs for the streets 01:53:55.683 --> 01:53:56.404 in the neighborhood 01:53:56.414 --> 01:53:59.304 are more than the 01:53:59.314 --> 01:54:00.324 tax revenue from 01:54:00.324 --> 01:54:01.064 that neighborhood. 01:54:01.064 --> 01:54:01.744 So costs are 01:54:01.744 --> 01:54:02.174 outweighing 01:54:02.174 --> 01:54:03.284 benefits over time. 01:54:03.884 --> 01:54:04.824 This is the financial 01:54:04.824 --> 01:54:06.014 trap that makes rapid 01:54:06.024 --> 01:54:07.094 growth so seductive. 01:54:07.094 --> 01:54:07.924 When a city builds 01:54:07.924 --> 01:54:08.793 a new neighborhood, 01:54:09.384 --> 01:54:09.953 the streets are 01:54:09.953 --> 01:54:10.994 new, the pipes are 01:54:10.994 --> 01:54:12.114 new, the sidewalks, 01:54:12.134 --> 01:54:12.983 pumps, parks, and 01:54:12.984 --> 01:54:13.903 other in public 01:54:13.903 --> 01:54:14.864 investments are new, 01:54:15.634 --> 01:54:16.794 but there's very 01:54:16.804 --> 01:54:17.884 little maintenance to 01:54:17.884 --> 01:54:18.814 do, and that's what 01:54:18.814 --> 01:54:19.914 bites you over time, 01:54:20.294 --> 01:54:21.014 is the maintenance 01:54:21.014 --> 01:54:22.563 costs take you down, 01:54:22.593 --> 01:54:23.123 and West Linn's 01:54:23.134 --> 01:54:24.853 study proves that and 01:54:24.853 --> 01:54:25.473 says, "No, we don't 01:54:25.474 --> 01:54:26.113 want the growth." 01:54:26.683 --> 01:54:27.213 This guy's 01:54:27.214 --> 01:54:28.043 a real hero. 01:54:28.503 --> 01:54:28.703 Yeah. 01:54:28.703 --> 01:54:29.243 Because this is 01:54:29.243 --> 01:54:30.083 what every mayor 01:54:30.193 --> 01:54:30.694 should have been 01:54:30.694 --> 01:54:31.244 doing for the 01:54:31.244 --> 01:54:32.584 last 10, 20 years. 01:54:32.833 --> 01:54:34.004 He's doing it. 01:54:34.394 --> 01:54:34.954 He's got the 01:54:34.954 --> 01:54:35.683 city in a strong 01:54:35.684 --> 01:54:36.514 position, but he 01:54:36.514 --> 01:54:37.473 needs to look ahead. 01:54:37.903 --> 01:54:38.693 Chuck Marohn, who 01:54:38.693 --> 01:54:39.383 wrote this, has 01:54:39.383 --> 01:54:40.463 been on the Solari 01:54:40.464 --> 01:54:40.954 Report twice. 01:54:40.964 --> 01:54:41.493 He's the head 01:54:41.493 --> 01:54:42.363 of Strong Towns. 01:54:42.644 --> 01:54:43.233 He's a former 01:54:43.234 --> 01:54:44.454 municipal engineer, 01:54:44.763 --> 01:54:45.773 and he's been 01:54:45.953 --> 01:54:46.794 pounding the pavement 01:54:46.794 --> 01:54:47.874 about these issues 01:54:47.903 --> 01:54:49.123 and getting people 01:54:49.763 --> 01:54:51.293 into sound economics. 01:54:51.363 --> 01:54:52.074 And of course, he's 01:54:52.074 --> 01:54:52.733 fighting the same 01:54:52.734 --> 01:54:53.614 headwind that you 01:54:53.614 --> 01:54:54.363 and I are fighting 01:54:54.363 --> 01:54:56.303 because the, the 01:54:56.304 --> 01:54:57.194 misallocation 01:54:57.194 --> 01:54:58.174 of capital guys, 01:54:58.183 --> 01:54:59.123 whether in the EU or 01:54:59.133 --> 01:54:59.973 the United States, 01:54:59.973 --> 01:55:00.573 are trying to take 01:55:00.574 --> 01:55:01.343 it the other way. 01:55:01.443 --> 01:55:01.703 Yeah. 01:55:01.953 --> 01:55:02.584 And these guys 01:55:02.584 --> 01:55:03.194 are trying to take 01:55:03.194 --> 01:55:03.983 it the right way. 01:55:04.413 --> 01:55:05.923 And we've reached 01:55:05.923 --> 01:55:06.744 a tipping point, 01:55:06.763 --> 01:55:07.484 and I think one of 01:55:07.484 --> 01:55:08.274 the reasons people 01:55:08.274 --> 01:55:09.183 are walking away 01:55:09.184 --> 01:55:10.303 from the elites all 01:55:10.303 --> 01:55:11.393 over this country, 01:55:11.864 --> 01:55:12.744 you know, yes, data 01:55:12.744 --> 01:55:13.503 centers and flock 01:55:13.513 --> 01:55:14.303 cameras are helping, 01:55:14.303 --> 01:55:15.713 but ultimately 01:55:15.714 --> 01:55:17.584 they know you gotta 01:55:17.584 --> 01:55:18.843 grow enough food. 01:55:19.144 --> 01:55:19.993 You can't eat more 01:55:19.993 --> 01:55:20.514 than you grow. 01:55:20.514 --> 01:55:21.283 You gotta grow it. 01:55:21.773 --> 01:55:22.983 And they're watching 01:55:23.193 --> 01:55:24.323 in 1,000 different 01:55:24.324 --> 01:55:25.144 ways, whether it's 01:55:25.144 --> 01:55:26.373 the municipal budget 01:55:26.383 --> 01:55:27.143 or what's happening 01:55:27.144 --> 01:55:28.093 to Boeing or the… 01:55:28.953 --> 01:55:29.983 W- all we're doing is 01:55:30.003 --> 01:55:30.743 we're destroying our 01:55:30.743 --> 01:55:31.923 fundamental economic 01:55:31.923 --> 01:55:32.804 productivity, and 01:55:32.804 --> 01:55:33.654 we have to reverse 01:55:33.654 --> 01:55:34.643 that if we wanna have 01:55:34.644 --> 01:55:35.893 food to eat, right? 01:55:36.533 --> 01:55:36.653 Yeah. 01:55:36.693 --> 01:55:37.824 So it's just like 01:55:37.824 --> 01:55:38.424 what's happening in 01:55:38.424 --> 01:55:39.233 the Ukraine, it's 01:55:39.233 --> 01:55:40.163 just more subtle. 01:55:40.644 --> 01:55:42.283 So people are saying, 01:55:42.283 --> 01:55:43.423 "Wait a minute I 01:55:43.423 --> 01:55:44.153 wanna be part of 01:55:44.153 --> 01:55:44.974 something that makes 01:55:44.974 --> 01:55:46.243 fundamental sense." 01:55:48.806 --> 01:55:49.606 and what they can 01:55:49.606 --> 01:55:51.246 see is if you look at 01:55:51.255 --> 01:55:53.295 where all this fiscal 01:55:53.306 --> 01:55:54.616 stimulus is leading, 01:55:54.616 --> 01:55:55.236 it's not leading 01:55:55.236 --> 01:55:55.846 to anything that 01:55:55.846 --> 01:55:56.835 makes fundamental 01:55:56.835 --> 01:55:57.665 economic sense. 01:55:57.986 --> 01:55:58.675 It's leading to 01:55:58.675 --> 01:55:59.715 a very expensive 01:55:59.715 --> 01:56:01.005 control system that 01:56:01.005 --> 01:56:01.995 can only be financed 01:56:01.996 --> 01:56:02.906 by continually 01:56:03.035 --> 01:56:04.096 plundering us. 01:56:05.226 --> 01:56:05.526 Yeah. 01:56:07.335 --> 01:56:08.056 It's obvious. 01:56:08.496 --> 01:56:08.816 Yeah. 01:56:10.105 --> 01:56:10.815 But that's 01:56:10.816 --> 01:56:11.276 a good study. 01:56:11.276 --> 01:56:12.325 It reminds me, this 01:56:12.326 --> 01:56:13.026 guy's Westland, 01:56:13.035 --> 01:56:13.625 the mayor. 01:56:14.476 --> 01:56:15.615 It reminds me of 01:56:15.646 --> 01:56:16.625 the World Bank and 01:56:17.316 --> 01:56:17.946 the IMF going into 01:56:17.955 --> 01:56:18.635 Latin American 01:56:18.635 --> 01:56:19.135 countries and 01:56:19.135 --> 01:56:20.606 saying, " you've got 01:56:20.606 --> 01:56:21.616 all these resources. 01:56:21.616 --> 01:56:23.636 You build bigger 01:56:23.856 --> 01:56:24.385 better, better." 01:56:24.385 --> 01:56:25.905 And they show all 01:56:25.906 --> 01:56:26.915 these projections, 01:56:27.566 --> 01:56:28.365 and it's yeah, th- 01:56:28.365 --> 01:56:29.295 but you're leaving 01:56:29.295 --> 01:56:30.095 something out, which 01:56:30.095 --> 01:56:30.556 is they're not gonna 01:56:30.605 --> 01:56:31.696 be able to maintain a 01:56:31.696 --> 01:56:33.925 cash flow to finance 01:56:34.135 --> 01:56:34.995 the debt you're going 01:56:34.996 --> 01:56:36.065 into to f- to, to 01:56:36.066 --> 01:56:37.075 build these projects. 01:56:37.795 --> 01:56:38.596 And that's what 01:56:38.665 --> 01:56:39.566 eventually takes 01:56:39.566 --> 01:56:41.165 down the local Latin 01:56:41.165 --> 01:56:41.795 American country- 01:56:42.295 --> 01:56:43.035 cou- country that 01:56:43.035 --> 01:56:43.755 was promised the 01:56:43.755 --> 01:56:44.675 moon and the stars. 01:56:45.205 --> 01:56:45.785 It's the same thing 01:56:45.785 --> 01:56:46.905 in local communities. 01:56:47.165 --> 01:56:47.965 In a lot of ways 01:56:48.735 --> 01:56:49.275 the chickens are 01:56:49.275 --> 01:56:50.195 coming home to roost 01:56:51.055 --> 01:56:51.795 on the economic 01:56:51.795 --> 01:56:52.635 hitman problem. 01:56:53.065 --> 01:56:54.715 So I've told 01:56:54.715 --> 01:56:55.356 you this before. 01:56:55.356 --> 01:56:57.486 In 1970, '71, there 01:56:57.486 --> 01:56:59.315 was a… It was 01:56:59.315 --> 01:57:00.615 really one guy and 01:57:00.645 --> 01:57:01.565 a small group in the 01:57:01.565 --> 01:57:02.885 Netherlands who got 01:57:02.885 --> 01:57:03.785 the entire pension 01:57:03.785 --> 01:57:04.605 fund of the system 01:57:04.615 --> 01:57:05.735 on a sound basis. 01:57:06.586 --> 01:57:07.265 It was the only 01:57:07.266 --> 01:57:08.236 country I found when 01:57:08.236 --> 01:57:08.965 I did the pension 01:57:08.965 --> 01:57:10.615 fund study that was 01:57:10.626 --> 01:57:13.095 able to properly 01:57:13.105 --> 01:57:15.245 accrue funding 01:57:15.245 --> 01:57:15.786 for the boomer 01:57:15.786 --> 01:57:16.666 generation in the 01:57:16.666 --> 01:57:17.685 pension fund system. 01:57:18.156 --> 01:57:18.835 And what country 01:57:18.836 --> 01:57:19.215 was that? 01:57:19.545 --> 01:57:20.196 Netherlands. 01:57:20.485 --> 01:57:21.075 The Netherlands, 01:57:21.075 --> 01:57:21.385 okay. 01:57:21.446 --> 01:57:21.776 Yeah. 01:57:21.825 --> 01:57:22.865 On, I've never for- 01:57:22.895 --> 01:57:23.775 I wrote the pension 01:57:23.775 --> 01:57:24.755 fund thing, study in 01:57:24.766 --> 01:57:27.195 19 f- in 2015, and I 01:57:27.196 --> 01:57:28.085 remember finding it, 01:57:28.085 --> 01:57:29.536 and I was shocked how 01:57:29.536 --> 01:57:30.365 this guy had done it. 01:57:30.365 --> 01:57:31.095 I would love to 01:57:31.095 --> 01:57:31.636 hear that story. 01:57:31.636 --> 01:57:32.326 I was just talking to 01:57:32.326 --> 01:57:33.165 a group of Netherland 01:57:33.175 --> 01:57:34.615 lawyers about whether 01:57:34.615 --> 01:57:35.775 we could find the 01:57:35.775 --> 01:57:36.845 guys in the story. 01:57:36.845 --> 01:57:37.135 But- 01:57:38.175 --> 01:57:39.075 I think that's one 01:57:39.075 --> 01:57:40.065 reason, one of my 01:57:40.156 --> 01:57:41.105 guesses is that's 01:57:41.105 --> 01:57:41.755 one of the reasons 01:57:41.755 --> 01:57:42.595 the pandemic in 01:57:42.595 --> 01:57:43.135 the Netherlands 01:57:43.135 --> 01:57:43.756 was nowhere near 01:57:43.756 --> 01:57:44.575 as bad as it was 01:57:44.575 --> 01:57:45.105 in the United 01:57:45.105 --> 01:57:47.005 States, because 01:57:47.226 --> 01:57:48.105 the Netherlands had 01:57:48.105 --> 01:57:49.055 achieved a financial 01:57:49.055 --> 01:57:49.835 solution for the 01:57:49.836 --> 01:57:50.745 retirement problem. 01:57:51.165 --> 01:57:52.025 The US hadn't. 01:57:53.135 --> 01:57:53.745 I- I'm sorry, 01:57:53.745 --> 01:57:54.395 I'm not dra- I'm 01:57:54.395 --> 01:57:54.965 not finding the 01:57:54.965 --> 01:57:55.706 connection between 01:57:55.715 --> 01:57:56.686 the pandemic and the 01:57:57.015 --> 01:57:58.246 retirement situation. 01:57:58.276 --> 01:57:59.965 Because if you 01:57:59.965 --> 01:58:01.435 accrue the financial 01:58:01.605 --> 01:58:02.775 resources you need 01:58:02.785 --> 01:58:03.456 to deal with the 01:58:03.456 --> 01:58:04.425 demo- the baby 01:58:04.425 --> 01:58:05.475 boomer retirements, 01:58:05.785 --> 01:58:06.336 you don't need 01:58:06.336 --> 01:58:07.346 to lower life 01:58:07.346 --> 01:58:08.906 expectancy to make 01:58:08.906 --> 01:58:09.825 the numbers work. 01:58:10.476 --> 01:58:10.815 So what you're 01:58:10.955 --> 01:58:12.066 saying, to be blunt, 01:58:12.095 --> 01:58:13.065 is the powers that 01:58:13.075 --> 01:58:13.725 be didn't need to 01:58:13.726 --> 01:58:14.865 kill as many people- 01:58:15.185 --> 01:58:15.435 Right 01:58:15.446 --> 01:58:16.336 … in, in the 01:58:16.336 --> 01:58:16.866 Netherlands 01:58:16.866 --> 01:58:17.516 because they were 01:58:17.696 --> 01:58:18.005 healthy and finan- 01:58:18.705 --> 01:58:19.495 Whatever the kill 01:58:19.495 --> 01:58:20.376 quota was in the 01:58:20.376 --> 01:58:21.145 Netherlands, it 01:58:21.145 --> 01:58:21.815 didn't need to be 01:58:21.815 --> 01:58:22.655 anywhere near as big 01:58:22.655 --> 01:58:23.705 as it was in the US 01:58:25.875 --> 01:58:26.175 Wow, that's 01:58:26.215 --> 01:58:26.846 pretty dark. 01:58:27.045 --> 01:58:27.416 Okay 01:58:27.465 --> 01:58:29.366 Yep I'm dark. 01:58:34.045 --> 01:58:34.755 All right, ladies 01:58:34.755 --> 01:58:35.496 and gentlemen, let's, 01:58:36.135 --> 01:58:37.965 And now the remainder 01:58:37.965 --> 01:58:38.616 of our charts. 01:58:38.616 --> 01:58:39.305 Let's start with 01:58:39.306 --> 01:58:39.786 SOX, and what 01:58:39.786 --> 01:58:39.826 do we got here? 01:58:39.826 --> 01:58:40.255 This is the chip ETF 01:58:43.996 --> 01:58:44.606 versus the 01:58:44.606 --> 01:58:45.385 software ETF. 01:58:46.195 --> 01:58:47.025 And as you can see, 01:58:47.025 --> 01:58:48.996 SOX the, the chip 01:58:49.005 --> 01:58:51.366 ETF is flying, and 01:58:51.366 --> 01:58:52.246 software is in the 01:58:52.246 --> 01:58:53.535 basement, and it's 01:58:53.535 --> 01:58:54.715 just reversed now. 01:58:55.995 --> 01:58:57.286 So chips are 01:58:57.286 --> 01:58:58.045 coming back down 01:58:58.045 --> 01:58:58.555 and software 01:58:58.556 --> 01:58:59.446 coming back up. 01:58:59.905 --> 01:59:02.186 And I looked IGV 01:59:02.195 --> 01:59:03.165 is the software 01:59:03.265 --> 01:59:04.135 ETF, okay. 01:59:04.486 --> 01:59:05.355 But you can see 01:59:05.355 --> 01:59:06.405 if if I'd done a 01:59:06.416 --> 01:59:08.646 much shorter like 01:59:08.646 --> 01:59:09.295 a three-month 01:59:09.295 --> 01:59:10.036 look, you would 01:59:10.036 --> 01:59:10.995 see how they had 01:59:11.015 --> 01:59:13.356 reversed and now the 01:59:13.356 --> 01:59:14.345 software very much 01:59:14.346 --> 01:59:15.576 out- outperforming 01:59:15.585 --> 01:59:16.225 the chips. 01:59:17.445 --> 01:59:18.545 And I just have the 01:59:18.545 --> 01:59:19.605 gold line as the 01:59:19.605 --> 01:59:22.255 S&P, and then the 01:59:22.265 --> 01:59:23.545 green line, GLD, 01:59:23.545 --> 01:59:24.486 is the… I just 01:59:24.486 --> 01:59:25.405 wanted to take a look 01:59:25.416 --> 01:59:26.295 at where gold was 01:59:26.306 --> 01:59:27.656 versus the S&P and 01:59:27.656 --> 01:59:28.565 how this is working. 01:59:28.965 --> 01:59:29.576 And as you can 01:59:29.576 --> 01:59:30.956 see, the thing that 01:59:30.956 --> 01:59:31.885 ran up all those 01:59:31.896 --> 01:59:32.786 prices that we were 01:59:32.786 --> 01:59:33.855 just talking about 01:59:34.866 --> 01:59:35.635 they've been having 01:59:35.635 --> 01:59:36.665 quite a fantastic 01:59:36.665 --> 01:59:37.695 run, as you can see. 01:59:37.995 --> 01:59:38.415 Yeah. 01:59:38.705 --> 01:59:39.346 Yeah, really. 01:59:39.346 --> 01:59:39.626 This is year 01:59:39.626 --> 01:59:40.635 to date, right? 01:59:40.635 --> 01:59:40.895 Yeah, 01:59:41.366 --> 01:59:41.486 yep. 01:59:42.495 --> 01:59:42.865 Okay. 01:59:42.885 --> 01:59:44.186 Next up we have, 01:59:44.686 --> 01:59:45.375 boy, this is a 01:59:45.375 --> 01:59:46.695 sad chart, 30-year 01:59:46.695 --> 01:59:47.896 Treasury bond yield. 01:59:50.570 --> 01:59:51.559 The Treasury 01:59:51.559 --> 01:59:52.650 bonds are up. 01:59:53.630 --> 01:59:54.530 We've broken through 01:59:54.530 --> 01:59:55.299 five, and we're 01:59:55.299 --> 01:59:56.330 staying through five. 01:59:56.380 --> 01:59:56.969 It's come down a 01:59:56.969 --> 01:59:58.250 little bit, but this 01:59:58.250 --> 01:59:59.170 is what is making 01:59:59.170 --> 02:00:00.009 a lot of people 02:00:00.019 --> 02:00:00.849 very uncomfortable. 02:00:00.860 --> 02:00:02.160 The 10-year isn't 02:00:02.160 --> 02:00:03.049 over five, but let's 02:00:03.049 --> 02:00:03.919 go to the next chart, 02:00:03.929 --> 02:00:04.429 and I'll show you 02:00:04.429 --> 02:00:04.980 why- Yeah … this 02:00:04.980 --> 02:00:05.639 makes everybody- 02:00:05.679 --> 02:00:06.259 uncomfortable. 02:00:06.799 --> 02:00:08.240 So these are market 02:00:08.250 --> 02:00:09.229 rates as of two 02:00:09.230 --> 02:00:10.969 days ago, and what 02:00:10.969 --> 02:00:11.669 you can see is 02:00:11.670 --> 02:00:12.830 you can see the US 02:00:12.839 --> 02:00:14.479 2-year, the, the 02:00:14.480 --> 02:00:15.809 10-year, the 30-year. 02:00:16.490 --> 02:00:17.549 And then the gilt, 02:00:17.609 --> 02:00:18.969 the, the Great 02:00:18.969 --> 02:00:19.959 Britain 10-year, 02:00:19.980 --> 02:00:21.259 and then the 02:00:21.889 --> 02:00:23.110 Germany, and then 02:00:23.279 --> 02:00:24.629 we've got Japan. 02:00:24.739 --> 02:00:25.199 Yeah. 02:00:25.199 --> 02:00:25.590 Yeah. 02:00:25.590 --> 02:00:26.809 So Japan hasn't 02:00:26.809 --> 02:00:27.059 been at 3%- And 02:00:27.059 --> 02:00:28.369 China … since the 02:00:28.369 --> 02:00:30.429 '90s, and look at 02:00:30.439 --> 02:00:31.779 how low China is. 02:00:32.989 --> 02:00:33.670 But l- And 02:00:33.739 --> 02:00:34.709 compare this to 02:00:34.709 --> 02:00:36.009 the 10-year US. 02:00:37.610 --> 02:00:39.549 That that's what's 02:00:39.549 --> 02:00:40.370 shocking is like 02:00:40.370 --> 02:00:41.139 this is your world 02:00:41.139 --> 02:00:42.049 reserve currency? 02:00:43.139 --> 02:00:43.849 That's a very 02:00:43.899 --> 02:00:43.980 big stretch. 02:00:43.980 --> 02:00:44.579 Are you sure this 02:00:44.579 --> 02:00:45.309 isn't your world 02:00:45.309 --> 02:00:46.040 reserve currency? 02:00:46.040 --> 02:00:46.569 Who is that? 02:00:46.570 --> 02:00:47.299 Oh, it's China. 02:00:48.090 --> 02:00:49.789 So very far from 02:00:49.789 --> 02:00:50.439 the world reserve 02:00:50.439 --> 02:00:51.069 currency yet. 02:00:51.469 --> 02:00:51.959 Very far. 02:00:51.969 --> 02:00:51.989 Yeah. 02:00:51.989 --> 02:00:52.389 But- 02:00:52.389 --> 02:00:52.849 That's… 02:00:53.599 --> 02:00:54.510 But here's the thing. 02:00:54.570 --> 02:00:55.630 You sh- And I should 02:00:55.630 --> 02:00:56.540 just mention MOVE 02:00:56.549 --> 02:00:57.490 is the equivalent 02:00:57.490 --> 02:00:58.899 of the VIX for 02:00:58.900 --> 02:00:59.719 the bond market. 02:01:00.209 --> 02:01:01.270 And- MOVE is the 02:01:01.270 --> 02:01:02.219 equivalent of this. 02:01:02.220 --> 02:01:02.909 It's the Merrill 02:01:02.909 --> 02:01:03.289 Lynch- what is this? 02:01:03.289 --> 02:01:04.749 Options Volatility. 02:01:04.949 --> 02:01:05.599 So it's the Merrill 02:01:05.599 --> 02:01:06.670 Lynch Options 02:01:06.670 --> 02:01:08.059 Volatility Index. 02:01:08.070 --> 02:01:08.519 Yeah. 02:01:08.959 --> 02:01:10.469 And 75, you know 02:01:10.470 --> 02:01:11.449 what 75 says? 02:01:11.459 --> 02:01:12.009 It says, 02:01:12.079 --> 02:01:12.949 "Market calm." 02:01:15.139 --> 02:01:15.460 Yeah. 02:01:15.489 --> 02:01:16.119 I'm telling you. 02:01:16.430 --> 02:01:17.399 E- even though the 02:01:17.779 --> 02:01:18.459 the yields have been 02:01:18.459 --> 02:01:19.699 running up, and, 02:01:19.699 --> 02:01:21.099 you know- And the 02:01:21.099 --> 02:01:22.619 Japanese being at 3% 02:01:22.619 --> 02:01:23.349 is shocking, 'cause 02:01:23.349 --> 02:01:23.859 we haven't been 02:01:23.860 --> 02:01:24.729 there since the '90s. 02:01:25.159 --> 02:01:25.589 So- Yeah. 02:01:26.070 --> 02:01:26.889 That is shocking. 02:01:27.399 --> 02:01:28.119 But the bond 02:01:28.119 --> 02:01:28.819 market is still 02:01:28.820 --> 02:01:29.689 relatively calm. 02:01:29.689 --> 02:01:31.099 There's no… Even 02:01:31.099 --> 02:01:32.849 despite the sales 02:01:32.919 --> 02:01:34.089 interventions- 02:01:35.630 --> 02:01:37.200 It it's not in 02:01:37.200 --> 02:01:38.130 a crisis mode. 02:01:38.180 --> 02:01:38.710 There's no 02:01:38.710 --> 02:01:39.770 indication of crisis 02:01:39.770 --> 02:01:40.450 mode whatsoever. 02:01:40.480 --> 02:01:41.160 Now, if you look at 02:01:41.160 --> 02:01:41.900 the Fed's balance 02:01:41.910 --> 02:01:43.980 sheet they are 02:01:43.980 --> 02:01:45.260 now up to almost 02:01:45.260 --> 02:01:46.630 300 billion, no, 02:01:46.630 --> 02:01:47.710 above 300 billion 02:01:47.710 --> 02:01:48.729 Treasury bills. 02:01:49.080 --> 02:01:49.680 So they've been 02:01:50.310 --> 02:01:51.180 buying steadily. 02:01:51.210 --> 02:01:51.540 They've been 02:01:51.540 --> 02:01:52.020 shrinking the 02:01:52.020 --> 02:01:53.210 mortgage position- 02:01:53.220 --> 02:01:54.130 Yeah … but buying 02:01:54.130 --> 02:01:54.790 Treasury bills. 02:01:54.790 --> 02:01:55.409 So you've got a 02:01:55.419 --> 02:01:56.930 backdoor QE going on. 02:01:58.140 --> 02:01:59.069 The, but there's no 02:01:59.069 --> 02:01:59.960 liquidity problem 02:01:59.960 --> 02:02:00.839 in the bond market. 02:02:00.919 --> 02:02:01.249 Yeah. 02:02:02.099 --> 02:02:02.600 And the MOVE 02:02:02.600 --> 02:02:03.550 Index says that. 02:02:03.550 --> 02:02:06.449 But what this means 02:02:06.450 --> 02:02:07.539 is if you look at 02:02:07.540 --> 02:02:08.669 the federal budget 02:02:09.189 --> 02:02:10.099 we go back to our 02:02:10.099 --> 02:02:13.349 743 formula, you've 02:02:13.349 --> 02:02:14.610 got the Pentagon- 02:02:14.660 --> 02:02:14.979 I'm sorry, me I 02:02:14.979 --> 02:02:15.620 need a free 02:02:15.709 --> 02:02:18.149 refresher on 743. 02:02:18.149 --> 02:02:19.409 740 expenses $4 02:02:19.409 --> 02:02:19.439 trillion of revenues, 02:02:19.439 --> 02:02:22.369 $3 trillion- Oh. 02:02:22.529 --> 02:02:22.679 Ah. 02:02:22.950 --> 02:02:23.930 Yep … d- deficit. 02:02:24.279 --> 02:02:24.469 Gotcha. 02:02:25.119 --> 02:02:25.940 But you've got the 02:02:25.940 --> 02:02:27.289 defense going from 02:02:27.319 --> 02:02:28.789 two a year ago from 02:02:28.790 --> 02:02:31.389 850 to now one and 02:02:31.389 --> 02:02:32.329 a half trillion. 02:02:32.409 --> 02:02:32.589 Yeah, 02:02:33.929 --> 02:02:34.900 you got the interest 02:02:34.900 --> 02:02:36.049 rate going like 02:02:36.049 --> 02:02:37.289 that, and then 02:02:37.310 --> 02:02:38.249 at HHS and the 02:02:38.269 --> 02:02:39.330 healthcare expenses, 02:02:39.330 --> 02:02:40.050 because of all the 02:02:40.050 --> 02:02:40.989 poisoning, you've got 02:02:40.990 --> 02:02:42.049 that skyrocketing. 02:02:42.749 --> 02:02:42.899 Yeah. 02:02:42.899 --> 02:02:43.410 So you have 02:02:43.410 --> 02:02:44.469 a completely 02:02:44.469 --> 02:02:45.429 out of control 02:02:45.799 --> 02:02:47.219 federal deficit. 02:02:48.319 --> 02:02:48.529 You do, yes. 02:02:48.529 --> 02:02:48.989 Completely out 02:02:48.989 --> 02:02:49.449 of control. 02:02:49.459 --> 02:02:50.239 It's completely out 02:02:50.239 --> 02:02:50.769 of control. 02:02:50.850 --> 02:02:51.790 And, but here's 02:02:51.790 --> 02:02:52.320 what you need to 02:02:52.320 --> 02:02:53.369 know about Operation 02:02:53.369 --> 02:02:55.659 Bond Operation 02:02:56.719 --> 02:02:57.720 Planet Tollbooth. 02:02:59.339 --> 02:03:00.080 The bond market 02:03:00.080 --> 02:03:01.899 is calm, the Fed's 02:03:01.909 --> 02:03:02.830 shuffling money 02:03:02.830 --> 02:03:04.279 out the door, and 02:03:04.280 --> 02:03:05.129 corporations are 02:03:05.130 --> 02:03:06.059 making a fortune. 02:03:07.659 --> 02:03:07.989 Yeah. 02:03:09.149 --> 02:03:09.979 And the little guy's 02:03:10.009 --> 02:03:10.690 getting killed, and 02:03:10.700 --> 02:03:11.540 the control grid is 02:03:11.540 --> 02:03:12.529 clicking into place. 02:03:12.839 --> 02:03:13.679 But what nobody's 02:03:13.679 --> 02:03:15.419 doing is creating 02:03:15.429 --> 02:03:16.000 magnets out 02:03:16.000 --> 02:03:16.720 of thin air or 02:03:16.720 --> 02:03:17.969 creating soybeans 02:03:17.969 --> 02:03:18.579 out of thin air. 02:03:19.149 --> 02:03:20.040 He, it's funny you 02:03:20.040 --> 02:03:20.570 should bring that 02:03:20.570 --> 02:03:21.799 up because one 02:03:21.799 --> 02:03:22.689 of the strangest 02:03:22.689 --> 02:03:23.750 conversations that 02:03:23.750 --> 02:03:24.810 is going on, and you 02:03:24.810 --> 02:03:25.679 hear it from Bessant, 02:03:25.769 --> 02:03:26.319 you hear it from 02:03:26.319 --> 02:03:27.489 Warsh, you hear it 02:03:27.490 --> 02:03:28.210 from Trump, and you 02:03:28.210 --> 02:03:29.149 hear it from other 02:03:29.170 --> 02:03:31.220 influencers, is that 02:03:31.220 --> 02:03:32.739 new technology in 02:03:32.740 --> 02:03:34.369 material sciences, in 02:03:34.380 --> 02:03:35.880 digital technology, 02:03:35.889 --> 02:03:37.050 in satellites and 02:03:37.050 --> 02:03:39.219 space and lasers is 02:03:39.219 --> 02:03:40.800 so fantastic that 02:03:40.800 --> 02:03:41.659 we are going into 02:03:41.659 --> 02:03:43.149 an incredible golden 02:03:43.149 --> 02:03:44.109 age where there will 02:03:44.109 --> 02:03:45.710 be total abundance. 02:03:50.400 --> 02:03:51.330 And if you listen 02:03:51.330 --> 02:03:51.939 to some of these 02:03:51.939 --> 02:03:52.879 people and you look 02:03:52.880 --> 02:03:53.590 at what's going 02:03:53.590 --> 02:03:55.620 on in Bolivar, 02:03:55.620 --> 02:03:57.879 Tennessee, the gap 02:03:57.880 --> 02:03:58.850 between the two is 02:03:58.850 --> 02:04:00.059 just mind-boggling 02:04:00.059 --> 02:04:02.009 because what I'm 02:04:02.009 --> 02:04:02.759 looking at when I 02:04:02.769 --> 02:04:03.660 look at companies 02:04:03.660 --> 02:04:04.600 for the screens is 02:04:04.609 --> 02:04:05.569 all sorts of great 02:04:05.570 --> 02:04:06.239 companies just 02:04:06.249 --> 02:04:07.100 being slaughtered 02:04:07.100 --> 02:04:07.939 by the chaos. 02:04:08.689 --> 02:04:08.899 Yeah. 02:04:09.710 --> 02:04:11.100 Now I'm assuming 02:04:11.100 --> 02:04:11.440 that's on 02:04:11.440 --> 02:04:12.269 purpose, but- 02:04:14.572 --> 02:04:15.602 ap- apparently all 02:04:15.612 --> 02:04:16.492 these guys think 02:04:16.492 --> 02:04:17.332 that the magical 02:04:17.342 --> 02:04:18.342 technology is gonna 02:04:18.342 --> 02:04:21.352 jump out of the out 02:04:21.352 --> 02:04:22.482 of the Aladdin lamp 02:04:22.482 --> 02:04:23.552 and save us all, 02:04:23.592 --> 02:04:24.622 and- Yeah, boy … I 02:04:24.622 --> 02:04:25.192 don't see it. 02:04:25.212 --> 02:04:25.232 No. 02:04:25.962 --> 02:04:26.642 I don't see it. 02:04:27.422 --> 02:04:29.332 But Trump announced 02:04:30.291 --> 02:04:31.131 he's sending to 02:04:31.582 --> 02:04:32.452 he had some kind 02:04:32.452 --> 02:04:32.962 of meeting with 02:04:32.962 --> 02:04:33.841 Space Force, and 02:04:33.851 --> 02:04:34.731 he's sending a 02:04:35.212 --> 02:04:36.061 nuclear-powered 02:04:36.062 --> 02:04:36.662 spaceship to 02:04:36.662 --> 02:04:37.921 Mars in 2028. 02:04:39.431 --> 02:04:39.851 Wow. 02:04:40.001 --> 02:04:40.291 That's right around 02:04:40.291 --> 02:04:43.031 the- do you think 02:04:43.031 --> 02:04:44.411 they can make magnets 02:04:44.411 --> 02:04:45.272 and soybeans out of 02:04:45.272 --> 02:04:46.371 thin air on Mars? 02:04:47.481 --> 02:04:47.722 Is that- I the 02:04:47.722 --> 02:04:48.391 question is can 02:04:48.391 --> 02:04:49.202 Boeing make a plane 02:04:49.202 --> 02:04:49.851 that doesn't fall 02:04:49.852 --> 02:04:50.511 out of the sky? 02:04:50.551 --> 02:04:50.751 I don't- 02:04:51.102 --> 02:04:51.492 That's a be- that's 02:04:51.492 --> 02:04:52.531 a better question. 02:04:53.571 --> 02:04:54.172 Can Boeing make 02:04:54.172 --> 02:04:54.581 a plane that 02:04:54.582 --> 02:04:55.131 doesn't, that, 02:04:55.131 --> 02:04:56.012 that actually flies 02:04:56.082 --> 02:04:56.841 without crashing? 02:04:57.521 --> 02:04:58.101 I, I don't 02:05:00.228 --> 02:05:00.867 Well, keep it real 02:05:00.867 --> 02:05:01.628 Since I'm probably 02:05:01.628 --> 02:05:02.098 gonna have to 02:05:02.098 --> 02:05:02.888 fly Boeing in the 02:05:02.888 --> 02:05:03.638 next two months 02:05:04.857 --> 02:05:05.067 Yeah. 02:05:05.077 --> 02:05:05.218 Oh I 02:05:05.218 --> 02:05:05.857 don't even wanna 02:05:05.897 --> 02:05:06.518 think about it 02:05:07.147 --> 02:05:08.197 I'm a planes 02:05:08.248 --> 02:05:09.067 and trains guy. 02:05:09.338 --> 02:05:09.917 I- Yeah … like 02:05:09.918 --> 02:05:10.378 trains and all. 02:05:10.657 --> 02:05:11.437 Automobiles guy I 02:05:11.477 --> 02:05:12.708 much prefer trains 02:05:12.758 --> 02:05:13.218 Yeah 02:05:13.577 --> 02:05:14.297 Okay, let's go to 02:05:14.298 --> 02:05:15.107 Solari Analysis. 02:05:15.107 --> 02:05:15.947 We've got a, quite 02:05:15.947 --> 02:05:16.677 a line-up this week 02:05:16.678 --> 02:05:17.357 after three weeks 02:05:17.358 --> 02:05:18.897 off, starting with 02:05:18.907 --> 02:05:20.747 opening a, a path 02:05:20.758 --> 02:05:21.907 to hearing others 02:05:22.758 --> 02:05:24.058 So Alistair Crook, 02:05:24.058 --> 02:05:26.047 we had a the final 02:05:26.047 --> 02:05:27.337 event of the first 02:05:27.338 --> 02:05:28.787 builders course- Yeah 02:05:28.787 --> 02:05:29.687 in Milan, and 02:05:29.697 --> 02:05:30.548 Alistair Crook 02:05:30.577 --> 02:05:31.777 and his wife came. 02:05:31.838 --> 02:05:33.467 What… It was so 02:05:33.467 --> 02:05:34.558 fantastic to meet 02:05:34.577 --> 02:05:35.437 and get to know 02:05:35.528 --> 02:05:36.518 them in person. 02:05:36.967 --> 02:05:38.377 What amazing people. 02:05:38.848 --> 02:05:40.207 Anyway, but Alistair, 02:05:40.427 --> 02:05:42.137 when he, when I 02:05:42.157 --> 02:05:43.428 invited him, I said 02:05:43.428 --> 02:05:44.057 to him, "Here's what 02:05:44.057 --> 02:05:44.857 I want. I want you 02:05:44.857 --> 02:05:45.727 to take everything 02:05:45.727 --> 02:05:47.468 you've learned in the 02:05:47.468 --> 02:05:48.777 diplomatic corps and 02:05:48.778 --> 02:05:49.647 working for British 02:05:49.647 --> 02:05:50.548 intelligence." 02:05:51.447 --> 02:05:52.097 And if you look at 02:05:52.098 --> 02:05:52.787 his history, it's 02:05:52.787 --> 02:05:53.907 an amazing… I 02:05:53.907 --> 02:05:54.647 learned a lot more 02:05:54.647 --> 02:05:55.617 about his experience, 02:05:55.617 --> 02:05:56.748 but it's all in very 02:05:56.748 --> 02:05:57.877 dangerous places. 02:05:58.317 --> 02:05:59.437 It's like Ireland 02:05:59.447 --> 02:06:00.737 and throughout the 02:06:00.747 --> 02:06:01.627 Middle East during 02:06:01.627 --> 02:06:02.367 all these wars. 02:06:02.367 --> 02:06:03.957 So he's been 02:06:03.958 --> 02:06:05.278 operating in very 02:06:05.278 --> 02:06:06.138 dangerous places 02:06:06.138 --> 02:06:06.728 his whole life. 02:06:06.728 --> 02:06:08.177 Anyway, so I said, 02:06:08.197 --> 02:06:09.027 "I want you to take 02:06:09.037 --> 02:06:09.748 everything you've 02:06:09.748 --> 02:06:10.548 learned, and if 02:06:10.548 --> 02:06:11.287 you could go back 02:06:11.287 --> 02:06:12.567 and be 25 again, 02:06:12.888 --> 02:06:13.887 what would you love 02:06:13.888 --> 02:06:14.677 to teach yourself 02:06:14.678 --> 02:06:15.737 at 25 that you've 02:06:15.737 --> 02:06:16.597 learned from all 02:06:16.607 --> 02:06:17.767 these experiences?" 02:06:18.007 --> 02:06:18.417 And that's 02:06:18.418 --> 02:06:18.967 what he did. 02:06:18.977 --> 02:06:18.987 Ah. 02:06:19.498 --> 02:06:20.348 He gave a 02:06:20.348 --> 02:06:21.348 presentation, 02:06:21.727 --> 02:06:22.408 and that's this 02:06:22.408 --> 02:06:23.417 presentation, and 02:06:23.418 --> 02:06:25.757 it was so marvelous. 02:06:25.807 --> 02:06:28.317 It was I 02:06:28.318 --> 02:06:28.657 don't know. 02:06:28.657 --> 02:06:29.788 I just, I loved it. 02:06:29.877 --> 02:06:31.248 And so he w- he was 02:06:31.248 --> 02:06:32.177 talking about the 02:06:32.177 --> 02:06:35.237 importance of he 02:06:35.237 --> 02:06:36.077 called it spatial 02:06:36.077 --> 02:06:37.797 consciousness, and 02:06:37.797 --> 02:06:38.757 what he described 02:06:38.787 --> 02:06:41.448 was how so many 02:06:41.537 --> 02:06:42.487 other cultures that 02:06:42.487 --> 02:06:44.327 he deals with have 02:06:44.367 --> 02:06:45.298 a very different 02:06:45.298 --> 02:06:46.427 view of the world. 02:06:47.958 --> 02:06:49.657 And America, and I 02:06:49.657 --> 02:06:50.617 would say it's partly 02:06:50.617 --> 02:06:51.217 because we've been 02:06:51.217 --> 02:06:51.917 running the reserve 02:06:51.918 --> 02:06:54.038 currency has a very 02:06:54.057 --> 02:06:55.277 oversimplified and 02:06:55.287 --> 02:06:56.237 hyper materialist 02:06:56.237 --> 02:06:57.257 view of the world. 02:06:57.327 --> 02:06:57.927 Yes. 02:06:58.897 --> 02:07:01.647 And and what we 02:07:01.657 --> 02:07:03.007 have to do in terms 02:07:03.007 --> 02:07:04.357 of evolving our 02:07:04.357 --> 02:07:05.567 consciousness to be 02:07:05.567 --> 02:07:06.837 much more successful 02:07:07.227 --> 02:07:07.887 communicating 02:07:07.887 --> 02:07:08.457 with everybody 02:07:08.457 --> 02:07:09.167 else anyway. 02:07:09.468 --> 02:07:09.918 I don't wanna 02:07:09.927 --> 02:07:10.447 give it away. 02:07:10.447 --> 02:07:11.257 It was an amazing- 02:07:11.307 --> 02:07:11.408 Yeah, okay 02:07:11.408 --> 02:07:12.197 … discussion, and 02:07:13.427 --> 02:07:14.487 very thoughtful, 02:07:14.487 --> 02:07:15.307 and it comes from 02:07:15.638 --> 02:07:16.607 decades of just 02:07:16.608 --> 02:07:17.848 amazing experience. 02:07:18.057 --> 02:07:18.407 Yeah. 02:07:18.888 --> 02:07:19.657 Yeah, it was great 02:07:20.596 --> 02:07:20.996 Okay. 02:07:22.036 --> 02:07:23.536 Next up In House 02:07:23.566 --> 02:07:24.436 is Future Science 02:07:24.436 --> 02:07:26.036 Series, The Note 02:07:26.175 --> 02:07:27.715 from Heaven Vocal 02:07:27.715 --> 02:07:28.686 Sound Therapy. 02:07:28.686 --> 02:07:29.336 What is this? 02:07:29.346 --> 02:07:31.246 So this is amazing. 02:07:31.296 --> 02:07:32.135 I just bought her 02:07:32.135 --> 02:07:33.156 two books, so I 02:07:33.165 --> 02:07:33.885 have more to learn. 02:07:34.366 --> 02:07:35.336 Githa Ben-David 02:07:35.356 --> 02:07:36.596 was a very 02:07:37.415 --> 02:07:38.675 up-and-coming young 02:07:39.596 --> 02:07:40.695 Danish musician. 02:07:41.126 --> 02:07:41.795 She was studying 02:07:41.796 --> 02:07:42.305 at the Danish 02:07:42.305 --> 02:07:43.385 Conservatory, and 02:07:43.385 --> 02:07:45.106 she went to India 02:07:45.106 --> 02:07:46.346 to study music 02:07:46.415 --> 02:07:48.175 there for a period 02:07:48.186 --> 02:07:50.175 to diversify a 02:07:50.175 --> 02:07:51.285 little bit from the 02:07:51.305 --> 02:07:52.616 conservatory, and 02:07:52.625 --> 02:07:53.605 ended up learning 02:07:53.625 --> 02:07:55.035 about using sound 02:07:55.046 --> 02:07:55.965 to heal people. 02:07:56.776 --> 02:07:58.675 And at Solari, 02:07:58.686 --> 02:07:59.795 we are constantly 02:07:59.796 --> 02:08:00.295 looking for 02:08:00.296 --> 02:08:01.305 healthcare remedies 02:08:01.305 --> 02:08:02.075 that don't cost 02:08:02.075 --> 02:08:02.905 a lot of money. 02:08:03.195 --> 02:08:03.385 Yeah. 02:08:03.436 --> 02:08:05.155 Because economic 02:08:05.155 --> 02:08:06.396 healthcare by… I'm 02:08:06.405 --> 02:08:07.166 a big believer in 02:08:07.166 --> 02:08:08.395 old-timey recipes, 02:08:08.425 --> 02:08:09.856 and so anytime you 02:08:09.856 --> 02:08:10.816 can heal yourself 02:08:10.855 --> 02:08:11.866 at low cost, you 02:08:11.866 --> 02:08:12.796 wanna do that. 02:08:12.936 --> 02:08:14.576 Any- so anyway, 02:08:14.576 --> 02:08:16.546 but she she met 02:08:16.546 --> 02:08:17.305 Ora Kroniger, who 02:08:17.305 --> 02:08:17.945 runs the Future 02:08:17.945 --> 02:08:19.155 Science Series, at a 02:08:19.155 --> 02:08:20.485 conference on water, 02:08:20.485 --> 02:08:21.285 Gerald Pollack's 02:08:21.296 --> 02:08:22.056 water conference 02:08:22.056 --> 02:08:23.646 in Amsterdam, and 02:08:23.646 --> 02:08:24.465 she's been healing 02:08:24.465 --> 02:08:25.295 people with sound. 02:08:25.295 --> 02:08:26.045 She can't always 02:08:26.055 --> 02:08:26.905 heal them with sound. 02:08:26.905 --> 02:08:27.685 Some she can. 02:08:27.975 --> 02:08:29.185 It's frequency 02:08:29.185 --> 02:08:29.976 and vibration, 02:08:30.375 --> 02:08:30.715 and they're 02:08:30.715 --> 02:08:31.505 amazing stories. 02:08:31.536 --> 02:08:31.845 That's what it is. 02:08:31.856 --> 02:08:32.555 My que- Is it 02:08:32.555 --> 02:08:33.635 audible sound only? 02:08:33.935 --> 02:08:34.325 Yeah. 02:08:35.096 --> 02:08:35.975 Okay … as far as I 02:08:35.975 --> 02:08:36.706 know, it's audible. 02:08:36.706 --> 02:08:38.286 It's very much in 02:08:38.286 --> 02:08:38.965 that sense it's a 02:08:38.965 --> 02:08:40.165 little bit like rife 02:08:40.365 --> 02:08:41.965 with f- f- you're 02:08:41.965 --> 02:08:42.595 healing people 02:08:42.596 --> 02:08:43.385 with frequencies. 02:08:43.835 --> 02:08:44.626 But there's one 02:08:44.636 --> 02:08:45.835 documented case that 02:08:45.846 --> 02:08:46.905 we des- that she 02:08:46.905 --> 02:08:48.056 describes, it's also 02:08:48.056 --> 02:08:48.965 in a documentary 02:08:48.965 --> 02:08:49.665 about her that's 02:08:49.665 --> 02:08:50.406 movie of the week 02:08:50.406 --> 02:08:51.535 this week, where 02:08:51.535 --> 02:08:52.376 she healed a woman 02:08:52.376 --> 02:08:53.225 of a tumor, and 02:08:53.225 --> 02:08:53.855 they were able to 02:08:53.855 --> 02:08:55.505 document as she's 02:08:56.085 --> 02:08:57.585 using sound to just 02:08:57.596 --> 02:08:58.556 shrink the tumor. 02:08:58.655 --> 02:08:59.135 It's amazing. 02:08:59.145 --> 02:08:59.615 Wow. 02:09:00.015 --> 02:09:00.456 Yeah, I know. 02:09:00.456 --> 02:09:00.755 You gotta 02:09:01.185 --> 02:09:01.536 listen to it. 02:09:01.545 --> 02:09:01.565 Wow. 02:09:01.956 --> 02:09:03.505 So anyway, but she's 02:09:03.515 --> 02:09:04.865 also a very just 02:09:04.875 --> 02:09:05.825 interesting person. 02:09:05.825 --> 02:09:06.305 It's a very 02:09:06.305 --> 02:09:06.735 interesting 02:09:06.735 --> 02:09:08.275 discussion about 02:09:08.276 --> 02:09:09.145 health and healing. 02:09:10.015 --> 02:09:10.255 Yeah. 02:09:10.265 --> 02:09:10.895 So yeah. 02:09:10.925 --> 02:09:11.315 Wow. 02:09:12.238 --> 02:09:12.808 That, yeah, 02:09:12.808 --> 02:09:13.358 interesting. 02:09:13.998 --> 02:09:15.098 Okay let's 02:09:15.098 --> 02:09:15.708 keep it going. 02:09:15.718 --> 02:09:16.778 We gotta get through 02:09:16.998 --> 02:09:18.018 this sometime today. 02:09:19.118 --> 02:09:20.538 Next up, in-house, 02:09:20.538 --> 02:09:21.388 share Solari's 02:09:21.388 --> 02:09:22.428 energy timeline. 02:09:22.718 --> 02:09:25.778 So my m- remember 02:09:25.778 --> 02:09:26.388 when I said to 02:09:26.388 --> 02:09:27.098 you originally 02:09:27.098 --> 02:09:29.418 this is COVID 2.0? 02:09:29.418 --> 02:09:30.977 I needed to document 02:09:30.988 --> 02:09:31.647 that it was really 02:09:31.647 --> 02:09:33.198 COVID 2.0, and 02:09:33.238 --> 02:09:34.027 Michael Yon was 02:09:34.027 --> 02:09:35.098 here and talking 02:09:35.098 --> 02:09:35.797 about all the trade 02:09:35.808 --> 02:09:37.327 bottlenecks, so I 02:09:37.328 --> 02:09:38.168 decided we would 02:09:38.168 --> 02:09:39.767 start making a list 02:09:39.767 --> 02:09:40.418 of all the trade 02:09:41.047 --> 02:09:41.428 bottlenecks and all 02:09:41.428 --> 02:09:42.897 the energy sabotage 02:09:43.248 --> 02:09:43.797 and see if we 02:09:43.797 --> 02:09:44.928 couldn't start to put 02:09:44.928 --> 02:09:46.698 together a picture of 02:09:46.698 --> 02:09:47.798 how this conversion 02:09:47.798 --> 02:09:48.677 was happening to, 02:09:48.688 --> 02:09:49.738 from an open model 02:09:49.747 --> 02:09:50.627 to a closed model. 02:09:50.968 --> 02:09:51.447 Anyway, it got 02:09:51.927 --> 02:09:52.888 longer and longer. 02:09:52.888 --> 02:09:54.598 Anyway, s- the 02:09:54.598 --> 02:09:55.338 people interested 02:09:55.338 --> 02:09:56.318 in this topic really 02:09:56.318 --> 02:09:57.158 love it, and so one 02:09:57.158 --> 02:09:57.997 of the subscribers 02:09:58.017 --> 02:09:59.587 asked me if we 02:09:59.587 --> 02:10:00.807 could make PDFs. 02:10:01.177 --> 02:10:02.007 So we update 02:10:02.008 --> 02:10:02.567 it monthly. 02:10:02.567 --> 02:10:03.198 In fact, Corey 02:10:03.198 --> 02:10:04.038 Lynn is working on 02:10:04.038 --> 02:10:05.028 the next update. 02:10:05.078 --> 02:10:06.347 But we have put 02:10:06.348 --> 02:10:07.337 a PDF up there, 02:10:07.337 --> 02:10:08.017 and so you can… 02:10:08.777 --> 02:10:09.387 It's public. 02:10:09.398 --> 02:10:09.947 Feel free to 02:10:09.947 --> 02:10:11.427 share and send 02:10:11.427 --> 02:10:12.517 the PDF around. 02:10:13.107 --> 02:10:14.717 So y- when we update 02:10:14.718 --> 02:10:15.498 it every month, so 02:10:15.718 --> 02:10:17.137 it falls down on 02:10:17.138 --> 02:10:17.957 the latest and then 02:10:17.958 --> 02:10:18.858 comes back up to the 02:10:18.858 --> 02:10:19.867 top, but it's there. 02:10:20.248 --> 02:10:20.658 Okay. 02:10:20.797 --> 02:10:21.208 Real good, 02:10:21.208 --> 02:10:21.918 and shareable. 02:10:22.327 --> 02:10:22.577 Yeah. 02:10:22.697 --> 02:10:23.617 Oh yeah. 02:10:23.778 --> 02:10:24.088 Okay. 02:10:24.098 --> 02:10:24.238 Yeah. 02:10:24.717 --> 02:10:24.938 All right. 02:10:24.988 --> 02:10:25.657 Next up, state 02:10:25.717 --> 02:10:26.867 leader briefings, the 02:10:26.867 --> 02:10:28.308 CLEAR Act, another 02:10:28.327 --> 02:10:29.517 act in the works. 02:10:29.918 --> 02:10:31.187 We have a new 02:10:31.197 --> 02:10:32.307 model legislation. 02:10:32.308 --> 02:10:33.638 So when we did the m- 02:10:33.638 --> 02:10:35.307 the legislation, the 02:10:35.308 --> 02:10:36.567 model legislation to 02:10:36.617 --> 02:10:37.507 put up guardrails on 02:10:37.517 --> 02:10:38.627 programmable money, 02:10:39.007 --> 02:10:39.907 we were focused 02:10:39.907 --> 02:10:40.878 on stable coins 02:10:40.907 --> 02:10:42.457 which, if Basante's 02:10:43.017 --> 02:10:44.417 prophecy comes true, 02:10:44.607 --> 02:10:45.477 should be at about 02:10:45.477 --> 02:10:46.798 $4 trillion by the 02:10:46.798 --> 02:10:47.517 end of the decade. 02:10:47.558 --> 02:10:48.217 So we wanted to 02:10:48.217 --> 02:10:51.137 put guardrails on 02:10:51.217 --> 02:10:51.957 the currency that 02:10:51.967 --> 02:10:52.817 was coming out that 02:10:52.817 --> 02:10:55.127 was basically on 02:10:55.127 --> 02:10:56.247 distributed ledgers. 02:10:58.007 --> 02:10:59.437 Utah passed a bill. 02:10:59.477 --> 02:11:00.397 Idaho almost 02:11:00.397 --> 02:11:01.077 passed a bill. 02:11:01.077 --> 02:11:02.118 We were working with 02:11:02.118 --> 02:11:03.147 other legislatures 02:11:03.147 --> 02:11:03.927 to also pass 02:11:03.927 --> 02:11:04.907 that legislation. 02:11:05.477 --> 02:11:06.678 While we were out 02:11:06.687 --> 02:11:07.917 in Utah working 02:11:07.918 --> 02:11:09.077 with Utah on how to 02:11:09.077 --> 02:11:10.267 update and refine 02:11:10.267 --> 02:11:11.417 that legislation, 02:11:11.717 --> 02:11:12.618 what happened? 02:11:14.473 --> 02:11:15.183 The DTC announced a 02:11:15.183 --> 02:11:17.614 pilot that they're 02:11:17.614 --> 02:11:18.634 gonna take commercial 02:11:18.634 --> 02:11:20.034 this year, which 02:11:20.034 --> 02:11:21.624 would apply to moving 02:11:21.634 --> 02:11:23.754 $114 trillion onto 02:11:23.803 --> 02:11:25.103 distributed ledgers. 02:11:25.723 --> 02:11:27.964 And and then the 02:11:27.973 --> 02:11:28.994 banks, the large 02:11:28.994 --> 02:11:29.703 banks announced 02:11:29.723 --> 02:11:30.303 they were gonna move 02:11:30.313 --> 02:11:31.273 bank deposits on the 02:11:31.273 --> 02:11:32.193 distributed ledger, 02:11:32.563 --> 02:11:33.173 and the smaller 02:11:33.173 --> 02:11:33.873 banks announced 02:11:33.874 --> 02:11:34.563 a consortium 02:11:34.563 --> 02:11:35.414 to do the same. 02:11:35.913 --> 02:11:36.243 Okay? 02:11:36.243 --> 02:11:36.763 Yeah. 02:11:36.763 --> 02:11:38.323 So instead of being 02:11:38.323 --> 02:11:40.633 $4 trillion in 02:11:40.633 --> 02:11:40.883 stable coins, now you 02:11:40.883 --> 02:11:41.863 have $114 trillion 02:11:41.864 --> 02:11:42.714 of securities, 02:11:43.124 --> 02:11:44.423 and you have 18 02:11:44.423 --> 02:11:46.133 billion of… Or I'm 02:11:46.134 --> 02:11:47.033 sorry, 18 trillion 02:11:47.033 --> 02:11:47.954 of bank deposits. 02:11:47.963 --> 02:11:49.023 So now instead 02:11:49.023 --> 02:11:49.484 of it being a 02:11:49.484 --> 02:11:50.154 $4 trillion… 02:11:50.603 --> 02:11:51.304 guardrails on 02:11:51.314 --> 02:11:52.413 4 trillion, you 02:11:52.413 --> 02:11:53.303 need guardrails 02:11:53.364 --> 02:11:54.813 on 136 trillion. 02:11:55.033 --> 02:11:55.403 Yeah. 02:11:56.163 --> 02:11:56.333 Okay. 02:11:56.333 --> 02:11:57.023 Except bank deposits 02:11:57.023 --> 02:11:57.864 are now 19 and 02:11:57.864 --> 02:11:58.373 a half trillion. 02:11:58.373 --> 02:11:58.983 Did you know that? 02:11:59.884 --> 02:12:00.673 So they're up. 02:12:00.903 --> 02:12:02.533 Okay, 137 trillion. 02:12:02.614 --> 02:12:03.013 Okay. 02:12:03.794 --> 02:12:05.823 So now we had 02:12:05.823 --> 02:12:06.983 to revise the 02:12:06.983 --> 02:12:07.973 legislation, the 02:12:07.974 --> 02:12:09.114 model legislation 02:12:09.443 --> 02:12:12.313 for not just currency 02:12:12.333 --> 02:12:13.753 or payments, but 02:12:13.783 --> 02:12:14.913 assets as well, 02:12:14.943 --> 02:12:15.643 'cause stocks and 02:12:15.643 --> 02:12:16.813 bonds are assets. 02:12:16.843 --> 02:12:18.263 Anyway, so we have 02:12:18.264 --> 02:12:19.204 done that, and 02:12:19.233 --> 02:12:20.124 this briefing on 02:12:20.124 --> 02:12:21.343 the 10th is to… 02:12:21.694 --> 02:12:23.154 We've put that model 02:12:23.163 --> 02:12:24.103 legislation up on 02:12:24.103 --> 02:12:24.883 the website, but 02:12:24.883 --> 02:12:25.703 we're gonna have the 02:12:25.753 --> 02:12:26.714 attorneys go through 02:12:26.714 --> 02:12:28.643 it and explain this, 02:12:28.683 --> 02:12:29.514 and we're gonna ask 02:12:29.514 --> 02:12:32.453 everybody help us 02:12:32.563 --> 02:12:33.463 get guardrails up. 02:12:33.663 --> 02:12:34.454 And- Yeah … one 02:12:34.454 --> 02:12:35.103 of the interesting 02:12:35.103 --> 02:12:35.843 things, if you look 02:12:35.843 --> 02:12:36.913 at the legislation 02:12:36.913 --> 02:12:38.913 in this area John, 02:12:39.463 --> 02:12:40.594 there's a carve-out 02:12:40.654 --> 02:12:42.113 that recognizes the 02:12:42.114 --> 02:12:43.393 rights of states to 02:12:43.393 --> 02:12:44.473 protect consumers 02:12:45.358 --> 02:12:46.728 So we have reframed 02:12:46.728 --> 02:12:47.668 this as a Consumer 02:12:47.668 --> 02:12:48.558 Protection Act. 02:12:48.618 --> 02:12:49.088 That's the 02:12:49.098 --> 02:12:49.968 C in CLEAR. 02:12:49.968 --> 02:12:50.153 It's consumer 02:12:50.153 --> 02:12:50.628 See, that's, 02:12:50.628 --> 02:12:51.258 that's good. 02:12:51.268 --> 02:12:52.068 That's good work. 02:12:52.118 --> 02:12:52.908 That's like the, the 02:12:52.908 --> 02:12:53.918 Iceland fisheries. 02:12:53.958 --> 02:12:54.338 It's consumer 02:12:54.528 --> 02:12:55.088 protection. 02:12:55.088 --> 02:12:55.518 It's 02:12:55.518 --> 02:12:56.528 consumer protection. 02:12:56.537 --> 02:12:56.818 Yeah Anyway, 02:12:56.818 --> 02:12:57.668 we've put a lot 02:12:57.668 --> 02:12:58.558 of work into this. 02:12:58.787 --> 02:12:59.778 Yeah David Lichty's 02:12:59.787 --> 02:13:00.578 the lead attorney. 02:13:00.578 --> 02:13:00.958 He's done an 02:13:00.958 --> 02:13:01.888 incredible job. 02:13:01.958 --> 02:13:04.958 Anyway anyway so 02:13:04.967 --> 02:13:05.807 one of the things we 02:13:05.807 --> 02:13:07.188 did before publishing 02:13:07.188 --> 02:13:09.598 this is we did a 02:13:09.637 --> 02:13:10.607 legislative briefing 02:13:10.608 --> 02:13:11.318 where we showed the 02:13:11.318 --> 02:13:13.458 scenarios of what 02:13:13.458 --> 02:13:14.148 could happen in the 02:13:14.148 --> 02:13:15.077 future if they get 02:13:15.077 --> 02:13:17.038 the control grid, and 02:13:17.047 --> 02:13:17.877 one of the things we 02:13:17.878 --> 02:13:19.408 discovered was only 02:13:19.408 --> 02:13:20.987 68% of the audience 02:13:21.007 --> 02:13:21.777 believed that the 02:13:21.777 --> 02:13:22.527 intention of the 02:13:22.527 --> 02:13:24.288 system was the sort 02:13:24.288 --> 02:13:25.468 of Augustine Carson's 02:13:25.487 --> 02:13:26.458 complete control. 02:13:26.878 --> 02:13:27.447 But what was 02:13:27.448 --> 02:13:28.248 interesting is 02:13:28.858 --> 02:13:30.047 everybody, including 02:13:30.047 --> 02:13:30.557 the people who 02:13:30.558 --> 02:13:31.228 didn't think there 02:13:31.228 --> 02:13:32.118 was a bad intention 02:13:32.118 --> 02:13:32.917 here, wanted 02:13:32.917 --> 02:13:33.687 the guardrails. 02:13:33.977 --> 02:13:34.367 Yeah. 02:13:35.247 --> 02:13:36.557 So everybody… There 02:13:36.557 --> 02:13:37.337 were two guys- who 02:13:37.358 --> 02:13:38.477 said no, they didn't 02:13:38.477 --> 02:13:39.207 want the guardrails 02:13:39.227 --> 02:13:39.657 because they 02:13:39.657 --> 02:13:40.297 said government's 02:13:40.297 --> 02:13:40.737 hopeless. 02:13:40.737 --> 02:13:41.207 You can't… 02:13:41.497 --> 02:13:41.887 There's no point 02:13:41.887 --> 02:13:42.427 in spending any 02:13:42.428 --> 02:13:43.167 time worrying about 02:13:43.907 --> 02:13:43.937 this. 02:13:44.257 --> 02:13:44.267 Oh, 02:13:44.267 --> 02:13:44.608 God. 02:13:44.608 --> 02:13:46.757 Anyway, but so this 02:13:46.757 --> 02:13:47.598 is the legislative 02:13:47.608 --> 02:13:48.588 briefing to come 02:13:48.588 --> 02:13:49.427 out and say, "Okay 02:13:50.358 --> 02:13:50.847 whether you're 02:13:50.847 --> 02:13:51.387 worried about 02:13:51.387 --> 02:13:52.717 Carson's vision or 02:13:52.718 --> 02:13:54.518 not, y'all agree 02:13:54.557 --> 02:13:55.408 we need guardrails. 02:13:55.417 --> 02:13:56.138 Here's how you do 02:13:56.138 --> 02:13:57.758 it." Yeah so we're 02:13:57.758 --> 02:13:58.258 gonna go through 02:13:58.258 --> 02:13:59.037 that on the 10th, 02:13:59.087 --> 02:14:00.598 and then we're gonna 02:14:00.598 --> 02:14:01.127 be working with 02:14:01.137 --> 02:14:01.857 states all over the 02:14:01.858 --> 02:14:02.637 country to try and 02:14:02.637 --> 02:14:03.687 get that passed. 02:14:03.727 --> 02:14:05.057 And it's an 02:14:05.067 --> 02:14:06.108 educational job 02:14:06.117 --> 02:14:07.158 because most 02:14:07.158 --> 02:14:09.357 people can't fathom 02:14:09.358 --> 02:14:09.888 that they really 02:14:09.888 --> 02:14:11.137 wanna do this. 02:14:11.837 --> 02:14:12.777 Hammer the consumer 02:14:12.777 --> 02:14:13.588 protection angle. 02:14:13.588 --> 02:14:14.367 That's where it's at. 02:14:15.798 --> 02:14:16.037 Yeah. 02:14:16.657 --> 02:14:17.377 Okay, let's 02:14:17.377 --> 02:14:18.047 keep it going. 02:14:18.678 --> 02:14:19.987 This is Solari 02:14:19.987 --> 02:14:20.437 Builders, 02:14:20.457 --> 02:14:21.037 Understanding 02:14:21.038 --> 02:14:21.498 Money and the 02:14:21.498 --> 02:14:23.088 Economy with our 02:14:23.088 --> 02:14:24.248 man Richard Werner. 02:14:24.777 --> 02:14:26.157 So Richard was also 02:14:26.157 --> 02:14:27.067 in Milan, and this 02:14:27.067 --> 02:14:27.987 is his present- He 02:14:27.987 --> 02:14:29.047 had two presentations 02:14:29.047 --> 02:14:30.637 at Builder or three. 02:14:31.117 --> 02:14:31.837 The third was 02:14:31.837 --> 02:14:33.707 a a panel with 02:14:33.707 --> 02:14:34.637 me, Alistair, 02:14:34.637 --> 02:14:35.037 and Richard. 02:14:35.038 --> 02:14:36.798 But this is Richard 02:14:36.798 --> 02:14:37.918 going back and he 02:14:37.918 --> 02:14:38.898 starts with the tally 02:14:38.898 --> 02:14:39.988 sticks and explain 02:14:39.988 --> 02:14:40.677 how money really 02:14:40.678 --> 02:14:42.287 works, and it's 02:14:42.288 --> 02:14:43.097 about two hours. 02:14:43.097 --> 02:14:43.568 It's long, but 02:14:43.568 --> 02:14:44.858 it's really good. 02:14:44.858 --> 02:14:45.095 Yeah, I bet it is. 02:14:45.095 --> 02:14:45.247 And there was a 02:14:45.567 --> 02:14:45.797 great 02:14:45.858 --> 02:14:46.478 Q&A. 02:14:46.557 --> 02:14:46.857 Yeah. 02:14:46.858 --> 02:14:47.168 Yeah. 02:14:48.127 --> 02:14:48.928 Okay, and then 02:14:48.928 --> 02:14:50.137 finally, th- there's, 02:14:50.538 --> 02:14:50.808 We're supposed 02:14:50.808 --> 02:14:51.667 to show a video. 02:14:51.707 --> 02:14:52.927 It's… M- my bad. 02:14:52.928 --> 02:14:53.487 We can't do the 02:14:53.487 --> 02:14:54.598 video, but this 02:14:54.628 --> 02:14:56.188 is a frame from 02:14:56.188 --> 02:14:56.997 the Solari Build- 02:14:56.997 --> 02:14:57.697 Builders video. 02:14:57.697 --> 02:14:58.237 It's a ni- it's a 02:14:58.247 --> 02:14:59.138 well-done video. 02:14:59.597 --> 02:15:00.308 But I'm gonna have 02:15:00.308 --> 02:15:01.627 the editors cut it 02:15:01.628 --> 02:15:02.967 in, so we'll end 02:15:02.997 --> 02:15:03.768 with the video. 02:15:03.777 --> 02:15:04.778 So they'll just- 02:15:04.778 --> 02:15:05.567 Okay … edit it in. 02:15:05.787 --> 02:15:06.487 Yeah, very good. 02:15:06.608 --> 02:15:07.428 It's two minutes 02:15:07.428 --> 02:15:08.407 of the photos from 02:15:08.408 --> 02:15:09.627 Milan, and it was, 02:15:12.272 --> 02:15:12.972 there's nothing 02:15:12.982 --> 02:15:13.712 better than getting 02:15:13.712 --> 02:15:15.082 together in person. 02:15:15.712 --> 02:15:16.812 Yeah, you can see 02:15:16.832 --> 02:15:17.692 people interacting 02:15:17.692 --> 02:15:18.092 in the video. 02:15:18.282 --> 02:15:18.882 It's, and they're 02:15:18.882 --> 02:15:19.521 in a room. 02:15:19.532 --> 02:15:20.121 It's nice. 02:15:20.132 --> 02:15:20.152 Yeah. 02:15:20.152 --> 02:15:20.892 It's really 02:15:20.892 --> 02:15:21.342 well done. 02:15:21.462 --> 02:15:22.662 So we're planning 02:15:22.662 --> 02:15:23.891 two events in 02:15:24.352 --> 02:15:24.881 for the next 02:15:24.882 --> 02:15:25.722 Builder's Course. 02:15:25.772 --> 02:15:26.751 We will come out with 02:15:26.821 --> 02:15:28.001 applications in about 02:15:28.001 --> 02:15:29.851 a month is my guess, 02:15:30.321 --> 02:15:32.402 and if you are, if 02:15:32.402 --> 02:15:33.322 you have anybody 02:15:33.322 --> 02:15:34.071 who's interested in 02:15:34.071 --> 02:15:34.922 applying for the next 02:15:34.922 --> 02:15:36.431 course, make sure you 02:15:36.432 --> 02:15:37.071 go to the Builder's 02:15:37.071 --> 02:15:38.272 page on Solari and 02:15:38.272 --> 02:15:39.211 sign up so that we 02:15:39.211 --> 02:15:40.072 can notify you on 02:15:40.072 --> 02:15:40.981 the applications. 02:15:41.451 --> 02:15:42.321 But we're hoping to 02:15:42.321 --> 02:15:45.001 have events in in 02:15:45.022 --> 02:15:47.232 February in Florida 02:15:47.821 --> 02:15:49.511 and one in Salt Lake, 02:15:49.522 --> 02:15:50.032 and I'm trying to 02:15:50.032 --> 02:15:51.092 talk John into coming 02:15:51.092 --> 02:15:51.681 to one of them, 02:15:52.601 --> 02:15:53.021 yeah. 02:15:53.331 --> 02:15:54.211 The, the one in 02:15:54.211 --> 02:15:55.742 Florida is- Yeah 02:15:55.751 --> 02:15:56.721 … v- very… I might 02:15:56.722 --> 02:15:57.281 be able to come 02:15:57.281 --> 02:15:57.831 to both of them. 02:15:57.842 --> 02:15:58.481 We'll see. 02:15:58.911 --> 02:15:59.321 Yeah. 02:15:59.612 --> 02:16:00.732 But Florida's 02:16:01.391 --> 02:16:01.972 that's, odds are 02:16:01.972 --> 02:16:02.872 very high there. 02:16:03.231 --> 02:16:03.872 So if- 02:16:03.882 --> 02:16:04.532 ' Cause I can get 02:16:04.532 --> 02:16:05.291 there by train. 02:16:08.092 --> 02:16:08.781 I'm with you. 02:16:08.781 --> 02:16:09.341 I love train. 02:16:09.342 --> 02:16:09.741 It's one of the 02:16:09.741 --> 02:16:10.612 reasons I like 02:16:10.612 --> 02:16:11.331 living in Europe. 02:16:11.471 --> 02:16:11.491 Yeah. 02:16:11.612 --> 02:16:12.131 The trains are 02:16:12.182 --> 02:16:13.171 fantastic, right? 02:16:13.321 --> 02:16:13.571 Yeah. 02:16:13.772 --> 02:16:14.092 Okay. 02:16:14.092 --> 02:16:15.592 But I have this 02:16:15.602 --> 02:16:17.282 image of getting 02:16:17.291 --> 02:16:18.131 that group, I'm 02:16:18.132 --> 02:16:18.972 assuming the next 02:16:18.972 --> 02:16:19.802 group will be like 02:16:19.802 --> 02:16:20.451 the first group, 02:16:20.461 --> 02:16:20.891 getting that 02:16:20.891 --> 02:16:21.732 group with you. 02:16:21.831 --> 02:16:22.512 That will be 02:16:22.512 --> 02:16:23.352 fun to watch. 02:16:23.361 --> 02:16:23.381 Yeah. 02:16:23.681 --> 02:16:25.491 Anyway, okay, John. 02:16:25.511 --> 02:16:25.541 Yep. 02:16:26.032 --> 02:16:26.431 We did 02:16:26.431 --> 02:16:26.521 it. 02:16:26.522 --> 02:16:27.011 Stay tuned. 02:16:27.161 --> 02:16:27.361 Yeah. 02:16:27.361 --> 02:16:28.102 Yeah. 02:16:28.102 --> 02:16:28.361 Yeah, for 02:16:28.361 --> 02:16:28.921 three weeks. 02:16:28.922 --> 02:16:30.211 Let's not… Three 02:16:30.211 --> 02:16:30.952 weeks is a long, 02:16:30.952 --> 02:16:31.621 that's too long. 02:16:31.981 --> 02:16:32.431 Anyway. 02:16:33.481 --> 02:16:34.361 I don't know, but 02:16:34.761 --> 02:16:37.851 I, I, in August and 02:16:37.852 --> 02:16:39.472 December, I need- 02:16:39.742 --> 02:16:40.252 I know … to, 02:16:41.272 --> 02:16:42.331 you know- I know 02:16:42.331 --> 02:16:43.691 … I need to digest. 02:16:43.691 --> 02:16:44.662 I need to think, 02:16:45.031 --> 02:16:45.261 right? 02:16:45.261 --> 02:16:46.271 I need to decompress. 02:16:48.201 --> 02:16:48.241 Yeah. 02:16:48.241 --> 02:16:48.602 That to Fitts 02:16:48.602 --> 02:16:49.361 every week for weeks 02:16:49.782 --> 02:16:50.391 months and months, 02:16:50.391 --> 02:16:51.312 that's too much. 02:16:51.331 --> 02:16:51.621 You need a 02:16:51.621 --> 02:16:52.622 three-week break. 02:16:53.051 --> 02:16:53.711 Yeah, you do. 02:16:53.831 --> 02:16:54.171 Okay. 02:16:54.242 --> 02:16:54.442 Yeah. 02:16:54.842 --> 02:16:55.111 Okay. 02:16:55.201 --> 02:16:55.641 Ladies and 02:16:55.641 --> 02:16:56.562 gentlemen, thank you. 02:16:56.571 --> 02:16:57.011 You have a 02:16:57.011 --> 02:16:57.601 wonderful week, 02:16:57.601 --> 02:16:58.271 John, and I will 02:16:58.272 --> 02:17:00.361 be back next week. 02:17:00.371 --> 02:17:01.061 God knows what 02:17:01.062 --> 02:17:01.681 will happen. 02:17:04.071 --> 02:17:05.051 Say your prayers. 02:17:06.121 --> 02:17:06.781 Just stay in a 02:17:06.781 --> 02:17:07.741 state of amusement. 02:17:08.101 --> 02:17:08.291 Yeah. 02:17:08.781 --> 02:17:09.221 You gotta 02:17:09.221 --> 02:17:09.991 stay amused. 02:17:10.312 --> 02:17:11.191 Anyway, thank you 02:17:11.191 --> 02:17:12.091 for joining us on 02:17:12.092 --> 02:17:12.941 the Solari Report. 02:17:12.951 --> 02:17:13.362 You have a 02:17:13.362 --> 02:17:13.931 great week.